Data for May 6-12, 2024.
Manhattan saw 32 luxury property contracts signed, each priced at $4 million and above. These included 16 condos, 10 co-ops, 1 condop, and 5 townhouses. The top contract was for a $38.5 million condo at 157 West 57th Street, while the second highest was a townhouse at 118 West 12th Street for $18.995 million. The average asking price was $9,796,375, and properties averaged 388 days on the market.
Let us see how that compares to last week's data:
May 6-12, 2024:
- Total Contracts: 32
- Condos: 16
- Co-ops: 10
- Condop: 1
- Townhouses: 5
- Top Contract: $38.5 million condo at 157 West 57th Street
- Second Highest: $18.995 million townhouse at 118 West 12th Street
- Average Asking Price: $9,796,375
- Average Days on Market: 388
April 29-May 5, 2024:
- Total Contracts: 26
- Condos: 16
- Co-ops: 6
- Condop: 1
- Townhouses: 3
- Top Contract: $13.77 million condo at One Highline
- Second Highest: Not specified
- Average Asking Price: $8,299,471
- Average Days on Market: 797
Comparison:
-
Volume of Contracts:
- Increased from 26 to 32.
- Notable rise in co-op and townhouse contracts.
-
Top Contracts:
- Significantly higher top contract value in the later week ($38.5 million vs. $13.77 million).
-
Average Asking Price:
- Increased by approximately $1.5 million.
-
Market Duration:
- Decreased significantly from 797 to 388 days, indicating faster sales in the later week.
Summary:
The week of May 6-12, 2024, saw higher activity and more expensive top-tier sales in Manhattan's luxury market compared to the previous week, reflecting a robust demand and faster turnaround for high-end properties. The increase in co-op and townhouse contracts suggests a diversification in buyer preferences.
