Overview
We’re ending the summer on a high with the luxury market (condos and co-ops listed above $5M). 46 contracts were signed and there were 982 active listings.
Thanks to the new development and resale condo markets, the number of active listings (983 listings) is up 12% compared to last year (880 listings). This is the fourth consecutive month in a row that active listings are up.
Listings are also going fast. Only two months in the past five years had a lower average of “days on market”. New developments are seeing an average of 176 days on the market while re-sale co-ops are selling in under 3 months.
While the number of contracts signed is lower by 40%, (46 this year compared to the record-breaking 77 last year), the average price per square foot is $2,817. A 13% decline since August 2021 and a 14% decline compared to last month. Overall, pricing for the Luxury market is flattening.
Read the full report here.
If you’re looking to sell or buy, connect with us here, we’d love to help you find your perfect match.
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