Manhattan luxury home sales continued their April slowdown last week following impressive transaction activity in March.
Buyers signed 23 contracts for homes priced at $4 million and above, the same "tepid" number as the prior week, according to a weekly report released Monday by Olshan Realty.
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The number of sales stayed the same, but last week’s total sales volume marked a considerable drop off from the five weeks prior. The 23 contracts signed totaled a lackluster $155 million—roughly two-thirds of the $222 million in sales registered in the first week of April.
Contracts signed last week were generally for high-end homes on the lower end of the luxury spectrum. For instance, the top contract last week was for an $11.995 million brownstone on the Upper West Side. (A week before, a $35 million condo at 515 Park Ave. claimed the top spot.)
The refurbished brownstone sold in January 2015 to developers who gut renovated the home. It has six bedrooms, seven bathrooms, two half bathrooms and an elevator, according to the Olshan report.
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The second most expensive contract was for a three-bedroom apartment in a pre-war former office building converted to a condominium on 212 Fifth Ave. The 3,000-square-foot corner unit on the eighth floor sold for $11.1 million.
The average home pending sale last week sat on the market for a year and had a markdown of 8% from the original listing price.