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The Pulse! With the Right Pricing, Manhattan Luxury Real Estate is Seeing Above Average Numbers

The luxury Manhattan real estate market is seeing an above average number of signed contracts since mid-February, with 27 contracts signed last week. We also saw the highest number of co-op sales since last May. How did the numbers shape up with condos vs. coops? Condos outsold co-ops 14 to 11. Downtown led with 11 contracts followed by the Eastside with 10 contracts. The average number of days on the market were 454 and the average listing discount was 5%.

In the overall resale market, there are 4,841 active listings up 10.3% from last month. 1,988 signed contracts up 12% from last month. The market pulse is .41 still favoring buyers.  To compare, .50 is a balanced market. The average number of days on the market were 106 up 9.3% from last month.

Behind the Numbers

The luxury co-op market moved well because buyers are finding value. The robust performance of the luxury market since mid-February shows that more sellers are pricing correctly and getting their properties sold. Right pricing and an aggressive, creative marketing strategy are critical to getting properties sold in this
market.

Top Luxury Real Estate Sales and Stats

East West Midtown Downtown Totals
Co-ops 8 2 0 1 11
Condos 1 2 2 9 14
Townhouses 1 0 0 1 2
Totals 10 4 2 11           27
  •  Weekly Sales Volume Total was $213,218,000 versus $195,900,000the prior week.
  • Average asking price was $7,896,963 versus $9,328,571 the prior week.
  • Median asking price was $5,675,000 versus $6,900,000 the prior week.
  • The average number of days on the market was 454 versus 564 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 5% versus 12% the prior week
  • The Number 1 contract was a condo at 151 East 58 #46AB asking $24.9M reduced by $1M. The seller was Jack Welch former CEO of General Electric.
  • The Number 2 contract was a condo at the Greenwich Lane at 145 W 11 #Floor 4 asking $17.85M. Owner paid $16, 320,623 in October 2015.