Luxury Market: A View From the Top
The luxury market is defined as the top 10% of all co-op and condo sales transactions marketwide. For Quarter 2, 2024, the price threshold for the luxury market was $4,100,000. The average luxury market price for Quarter 2, 2024 was $8,594,953 showing a significant increase of 20.13% quarter-over-quarter and a smaller uptick of just 3.00% year-over-year. The median luxury price for Quarter 2, 2024 was $5,995,000, up 9.00% quarter-over-quarter and down 7.77% year-over-year.
The number of pending sales for condos in the $5-10 million luxury category showed an increase of 32.50% from last year. Supply in this subcategory showed a slight decrease of 2.3% compared to this time last year. The number pending sales for co-ops in the $5-10 million luxury category was up 23.60% compared to this time last year while the number of active co-op listings was down 5.20%. The number of pending sales in the $10+ million category for condos was up 91.20%, worth noting because of the tremendous turnaround compared to this time last year. Similar to what we saw in the condo matrix, this can be attributed to several ultra luxury properties that closed in Quarter 2, 2024. The number of active listings was up 7.10%. The number of pending co-ops in this subcategory was up 53.30% while the number of active listings was down 4.10%.
The number of pending sales for condos in the $5-10 million luxury category showed an increase of 32.50% from last year. Supply in this subcategory showed a slight decrease of 2.3% compared to this time last year. The number pending sales for co-ops in the $5-10 million luxury category was up 23.60% compared to this time last year while the number of active co-op listings was down 5.20%. The number of pending sales in the $10+ million category for condos was up 91.20%, worth noting because of the tremendous turnaround compared to this time last year. Similar to what we saw in the condo matrix, this can be attributed to several ultra luxury properties that closed in Quarter 2, 2024. The number of active listings was up 7.10%. The number of pending co-ops in this subcategory was up 53.30% while the number of active listings was down 4.10%.
