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The Pulse! In Prime Selling Season, The Manhattan Luxury Market Takes a Hit

After five weeks of numbers above the benchmark, the Manhattan luxury market’s winning streak broke last week, with only 17 contracts signed. These numbers are a big disappointment as it’s the prime selling season! Sales included just 3 new development condos. The five townhouses that were sold are all located on the Upper East side, in the 70s & 80s between Lexington Street and Park Avenue, averaging under $10M. Broken down by neighborhood, the Eastside led with nine contracts followed by downtown with four. Condos outsold co-ops six to five. The average days on the market were 306, with an average listing discount of 12%.

In the overall resale market, there were 4,907 active listings up 10.9% from last month and 2,050 in contract, which is up 13.1% from last month. Once again, the market pulse favored buyers at .42. The average days on the market landed at 106 up 7.1% from last month, and the number of signed contracts for March were 695 up 18.6% from last month.

Behind the Numbers

Resales outperformed new development last week. The 18.6% increase in the number of signed contracts for March tells us more sellers are pricing to the new market.

Top Luxury Real Estate Sales and Stats

East West Midtown Downtown Totals
Co-ops 4 1 0 0 5
Condos 0 2 1 3 6
Townhouses 5 0 0 1 6
Totals 9 3 1 4           17
  • Weekly Sales Volume Total was $127,450,000 versus $213,218,000 the prior week.
  • Average asking price was$7,497,059 versus $7,896,963 the prior week.
  • The Median asking price was $6,250,000 versus $5,675,000the prior week.
  • The average days on the market were 306 versus 454 the prior week. 180 days is the normal range. Luxury real estate has been taking longer to sell.
  • The average percentage of discount from original asking price was 12% versus 5% the prior week.
  • The Number 1 contract was a condo at 1 West 67th Street # PH905 asking $11.995M reduced from $19M.
  • The Number 2 contract was a townhouse at 182 E 75th Street asking $11.5M reduced by $495,000.