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The Pulse Report! The Manhattan Luxury Real Estate Market Continues its Upswing

Manhattan Real Estate

The $4M+ Manhattan luxury real estate market continues to show an upswing, with 22 signed contracts last week. It is the 3rd straight week we’ve seen numbers above the usual benchmark of 20 signed contracts. Does this mean the spell is broken? While we’re still in what’s considered a Buyers’ Market, sellers are becoming more realistic with their pricing in this market. The average discount from asking price went to 12% last week, up from 11% the week prior. Remember, pricing is both an art and a science. Getting too aspirational in this type of market will leave your listing sitting on the market.

Downtown led the number of signed contracts, while condos outpaced co-ops 10 to 7.

Top Manhattan Luxury Real Estate Sales and Stats

East West Midtown Downtown Totals
Co-ops 4 2 0 1 7
Condos 3 1 0 6 10
Townhouses 2 0 1 2 5
Totals 9 3 1 9           22
  • Weekly Sales Volume Total was $214, 700,000 versus $213,194,000the prior week.
  • Average asking price was $9,763,182 versus $7,614,071 the prior week.
  • Median asking price was $7,325,000 versus $6,375,000 the prior week.
  • The average number of days on the market was 524 versus 488 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 12% versus 11% the prior week.
  • The Number 1 contract was penthouse at 56 Leonard St # PH53 asking $27 M reduced from $35M.
  • The Number 2 contract was a new townhouse at 135 W 11th Street asking $25M.