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LUXURY MARKET REPORT
May 16-22, 2022
Twenty-three contracts were signed last week at $4 million and above in Manhattan, 16 fewer than the previous week. What’s the reason for the precipitous decline from one week to another? Well, any number of reasons, but here’s an amazing stat to consider: The Dow suffered its eighth-straight week of losses, a plunge not seen since 1923!

Stat Geek Alert: Last week’s total of 23 contracts was the lowest since the first week of January 2022, when 21 contracts were signed at $4 million and above. For perspective, since we’ve been charting the luxury market, the weekly average has been 20+ contracts signed. In the golden years of new development 2013-2015, the weekly average was 26 contracts. The pandemic-plagued 2020 registered only 12 contracts/week compared to the 2021 record-setting weekly average of 36 contracts. But when you consider the prevailing headwinds of a bearish stock market, war, rising interest ...

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