Manhattan luxury real estate bounced back with 30 contracts signed in the week ending Sunday following a sluggish period in which Passover and Easter coincided.
Twice as many high-end homes went into contract in the week ending Sunday than in the previous week, according to a weekly report by Olshan Realty published Monday. The report tracks contracts signed for homes priced at $4 million or more.
More:Read More News from the New York City Market
Last week also marks a turnaround since the start of April, during which sales have slowed considerably following a very busy peak in March. Sales volume totaled $191.1 million last week, the highest weekly total since March, according to the report.
Most of the activity was in the lower end of the luxury spectrum, which the industry dubbed "affordable luxury." The median home price was just under $5.5 million.
The most expensive home to find a buyer last week was a 62nd-floor condo at 252 E. 57th St., asking $13.2 million. This 4,616-square-foot unit has five bedrooms and six bathrooms.
More:Read About the Sale of Demi Moore’s Manhattan Triplex Penthouse—at a $30M Discount
Price concessions have characterized much of the activity in recent months, as sellers are going further to meet buyers with bigger discounts off their listing prices. The average seller took a 7% discount off their original listing price, according to the report.
Donna Olshan, president of Olshan Realty, pointed to a record co-op sale last week, in which actress Demi Moore sold her home on the Upper West Side in the San Remo building for $45 million—a substantial discount from the $75 million Ms. Moore wanted in 2014.