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New York real estate professionals zoned in on the region’s luxury housing market to analyze the wave of multimillion-dollar sales, and weigh in on pricing, buying trends and prized locations at a virtual panel May 13 hosted by the Hudson Gateway Association of REALTORS®, Inc. (HGAR) and OneKey™ MLS. “Getting the Deal Done: Homing in on New York’s […]
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Donna Olshan, the report’s author, noted that listing discounts and days on the market have shrunk over the past month to 7.75 percent and 452 days, respectively. Year-to-date, those numbers are 11 percent and 614 days.
The average annual listing discount hasn’t been under 8 percent since the hot year of 2016 when it was 6 percent and it took an average of just 318 days to sell a luxury Manhattan home.
Olshan attributed the improvement to a combination of strong demand and agents and sellers pricing where the market is.
Luxury condos on the market are bigger than usual. Between 2013 and 2020, the average condo asking $4 million or more was 2,806 square feet. That figure is up 7 percent in 2021 to 3,011 square feet.
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