Luxury Contract Sales Volume Fell To 7-Month Low

Manhattan’s luxury market just keeps sliding, with just 14 contracts signed for homes priced at $4 million or more last week.

It’s the sixth week in a row the number of luxury contracts has fallen below 20, according to the weekly report from Olshan Realty. In the period between July 31 through August 6, the total weekly asking price sales volume hit $101.7 million, the lowest level since the last week in January.

The top contract was on unit 56A at World Wide Group and Rose Associates’ 252 East 57th Street. The five-bedroom, 4,972 square foot apartment was last asking $14.7 million, down from its 2015 asking price of $19 million. The development launched in 2014, and the sponsors have cut asking prices and offered increased commissions to buyers’ brokers.

The no. 2 contract was on Penthouse B at 73 Wooster Street, last priced at $13.8 million. The duplex has four bedrooms across 5,230 square feet. It features a gas fireplace and 15-foot ceilings.

Out of the 14 contracts signed, five were for condos with an average ask of $8.1 million, one was for a co-op asking $5.3 million, and two were for townhouses ($6.4 million).

According to Olshan, the median asking price last week was $5.5 million. The average discount from original ask to last asking price was 7 percent. The average number of days on market was 357.