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The Pulse Report: The Luxury Market Sees the Best Week Since Last June!

Last week the Manhattan $4M & over real estate market saw the best week since the 3rd week last June. Twenty-eight contracts were signed. The last two weeks saw an impressive rise in the number of signed contracts after a lackluster start to 2019. Condos outpaced co-ops 16 to 6. Downtown led with 13 contracts. It was a great week for townhouses- 6 went to contract. What’s behind the spike in signed contracts? It is probably due to the combination of the stock market surge & the Fed’s halting their campaign to raise interest rates steadily. Also, more sellers are adjusting their prices to the new market.

Overall Manhattan resale market – 4,249 active listings up .5% from last month & 23.3% from last year. There were 1,817 listings in contract up 1.5% from last month and up 15.7% from last year. The median number of days on the market was 93 up 8.1% from last month and up 27.4% from last year.

Top Luxury Real Estate Sales and Stats

East West Midtown Downtown Totals
Co-ops 3 2 0 2 6
Condos 3 3 1 8 16
Townhouses 1 1 1 2 6
Totals 7 6 13 12           28
  •  Weekly Sales Volume Total was $213,194,000 versus $244,860,000the prior week.
  • Average asking price was $7,614,071 versus $9,417,692 the prior week.
  • Median asking price was $6,375,000 versus $5,700,000 the prior week.
  • The average number of days on the market was 488 versus 396 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 was 11% same as the prior week.
  • The Number 1 contract was a townhouse at 1 Sutton Place asking $18.5 million reduced from $21 million when it went on the market last September.
  • The Number 2 contract was a new development condo at 207 W 79 penthouse asking $14.25 million reduced from $15.45 million when listed in March 2017.