Every week for the past four months, 30 or more contracts have been signed for Manhattan homes asking at least $4 million.
The 37 last week matched the total of the week before, according to Olshan Realty’s weekly report.
The median asking price of last week’s luxury deals was $6 million with an average discount from initial asking price to the last asking price of 7 percent with an average of 459 days on market. Condos once again made up the majority of deals with 21 condo units finding buyers compared to 13 co-ops and three townhouses.
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Donna Olshan, the report’s author, noted that listing discounts and days on the market have shrunk over the past month to 7.75 percent and 452 days, respectively. Year-to-date, those numbers are 11 percent and 614 days.
The average annual listing discount hasn’t been under 8 percent since the hot year of 2016 when it was 6 percent and it took an average of just 318 days to sell a luxury Manhattan home.
Olshan attributed the improvement to a combination of strong demand and agents and sellers pricing where the market is.
Luxury condos on the market are bigger than usual. Between 2013 and 2020, the average condo asking $4 million or more was 2,806 square feet. That figure is up 7 percent in 2021 to 3,011 square feet.
“That’s a pandemic result,” Olshan surmised. “Of course prices go higher when houses are bigger, so that’s something I’m watching.”
The priciest Manhattan home to find a buyer last week was a six-bedroom condo at the 13-unit building at 67 Vestry asking just under $24 million. The deal is one of the priciest in Tribeca this year and the buyers are a family living a few blocks away, according to Olshan’s report. Should they close the deal, they will have plenty of room to spread out: The condo is 5,794 square feet.
The second most expensive deal was inked in Soho at 565 Broome Street. The four-bedroom unit was listed in 2016 for $19.95 million, but the asking price had dropped to $16.95 million by the time the 4,682-square-foot unit, N28A, went into contract.