Pete's NYC Luxury Real Estate Market Report March 18-24, 2024
Although the weekly sales total stayed above $200 Million to continue it's 'hot' streak, the Luxury Market took a step back from the frothy pace set by last weeks $290 Million year to date high. At this level of the Luxury Market, interest rates really don't have much effect on sales, other than an indication of the health of the overall economy. To that, the economy and, somewhat related, equity markets continue to churn out wealth for investors, and as long as it does, I expect sales for homes above $4 Million to remain robust.
What did rise last week was the average last asking price, at $8.3 Million up from $7 Million and the median ask also moved up to $7 Million from $5.5 Million. The discount from last asking price stayed relatively flat at 12%, indicating some negotiability in price and average days on the market declined to 584 from 726.
While condo listings continue to lead Luxury Market contract signings with a 56% market share, it's was Townhouses that helped prop up the market this week with 2 out the the top 3 signings. Cooperative apartments brought up the rear with a 16% of the market.
The top sale this week is a beautiful townhouse at 109 Waverly Place in the West Village. This home has been on the market for a year and a half and was last listed at $19.95 Million, down from it's original listing price of $24.95 Million. The home boasts 8300 sqft of living space with 7 beds, 6 baths and 2 power rooms. Amenities include an elevator, lap pool, gym, sauna and a wine seller.
Contact me if you would like to know more about the NYC Real Estate Market.
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