LUXURY MARKET REPORT
June 19-25, 2017
Twenty-nine contracts were signed last week at $4 million and above, closing out a second quarter where 350 contracts were signed--barely more than the 343 contracts signed during the same period in 2016. The total second-quarter volume of $2,506,526,690 was 10% lower than the $2,786,713,257 in deals over the same period last year. About one-third of all the contracts in both years were sold by developers in new condos.

The sweet spot in the luxury market is properties priced under $6 million. The median price in the second-quarter was $5,949,038, the lowest since 2011. The average time on the market soared to 409 days, a huge increase over the 274 days in the second quarter of 2016. The average price drop from the original asking price—9% before a property went to contract--was the highest in 5 years, indicating that most sellers had unrealistic expectations, and fell into the ...

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