While news reports mostly portrayed a weak luxury market in 2018, data from Miller Samuel painted a brighter picture. The luxury sector, defined as the top 10 percent of all sales, saw median sales price and average sales price rise by double digits for the year. The median sales price finished off 2018 at over $6.3 million, a 10.3 percent gain over 2017. The average sale price approached the $9 million mark at the end of 2018, an 18 percent increase over 2017. With less available inventory, the average time on the market has dropped sharply, more than 25 percent year over year.
THE AVERAGE LUXURY APARTMENT
|Q4 2018||year-over-year % change|
|Average sales price||$8,947,737||18.0%|
|Average price per square foot||$2,892||10.0%|
|Average days on market||115||-25.3%|
Source: Miller Samuel; “luxury” is defined as the top 10 percent of co-op and condo sales.