Every week we hear of multi million dollar properties going on the market and sometimes the asking price seems exorbitant, and it really is! With this report we will take a closer look at the numbers of the Manhattan Luxury Real Estate Market, giving you the opportunity to get an idea of what the actual selling price of these luxurious properties is.

First of all, when we talk about Luxury Real Estate we are referring to properties closing at $4 million and above, and in Manhattan in April 2021 there were 126 of them, 54 more than in March. 

Even though the Luxury Market generally doesn’t suffer the crises as badly as the rest of the market, during the harshest months of the Covid-19 pandemic this sector too had experienced a slowdown, and the fact that the number of sales is increasing bodes well for the next future. Both the Average Sale Price, + 16.7% equal to $8,292,123, and the Median Sales Price, + 4.8% equal to $6,145,000, have increased compared to March 2021. These rising values reflect the recovery status of the sector.

However, not all indicators of a recovering market necessarily have the + sign in front of them, as a matter of fact the Negotiability Factor, the difference between the last asking price and the actual selling price, was 11.91%, down from the previous month when the data was 15.04%, which means a lower space for negotiations. The Days On Market, i.e. the number of days a property needs to be sold from the day of publication of the listing, is also decreasing, in April 2021 averaged 203, down from the 219 required in March 2021. A difference that, albeit slight, is synonymous with an increase in the pace of the market.

These numbers refer to a very specific sector of the Real Estate Market, less prone to drastic changes but at the same time in line with the general trend of the market, which in the case of New York City and Manhattan in particular, is experiencing a moment of strong rising of negotiations dictated by the exit from the Covid-19 pandemic.