Here’s the good news: 35 contracts were signed last week at $4 million and above, a year-to-date record. One reason for the one-week surge is this: The average property was on the market for a lengthy 311 days, which finally prompted exasperated sellers to face reality and drop their prices an average of 11% from the original asking price. The luxury market is bloated and choking with a lot of over-priced inventory, but once sellers capitulate and adjust to realistic price levels, the market moves. Not coincidentally, the May and June weeks that showed the strongest activity of the year were also those that saw prices slashed.

The No. 1 contract was a townhouse at 18 East 69th Street, asking $22 million, reduced from $26 million when it went on the market last July. This 24-foot-wide, 5-story house has 7,831 square feet. It was purchased for $13.25 million in March 2012, and then gut renovated, dividing the house into 3 spaces: a retail store on the first two floors, a duplex 3-bedroom, and a penthouse 2- bedroom unit.

The No. 2 contract was Apartment 8AS at 150 Charles Street, asking $19.5 million. This new 3,629-square-foot condo was purchased in January for $16,843,387 and relisted in May. It has 5 bedrooms, 5.5 bathrooms, and 2 terraces totaling 1,174 square feet. The living room, master suite, study, and guest room access one of the terraces, which is landscaped and has direct views of the Hudson River. 150 Charles was one of the big condo hits, selling almost all its 91 units off of floorplans in the spring of 2013. Amenities include concierge, garage, fitness center, 75-foot pool, a children’s playroom, and 33,000 square feet of landscaped garden space.