LUXURY MARKET REPORT
June 20-26, 2016
Twenty-five contracts were signed last week at $4 million and above. The week also marked the end of the 2nd quarter, and with it, an interesting stat: 343 contracts were signed in the 2nd quarter, down from 402 last year. This was the lowest 2nd-quarter volume since 2012. At the same time, the average number of days on the market increased from 221 to 274 and negotiability from the original asking price increased from 4% to 7%.

All that being said, the average price increased by 6% over the same quarter last year, from $7,722,122 to $8,204,352. It looks like the loftier prices equal fewer deals.

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