Fewer Contracts, Bigger Stories: August 2025 Luxury Market Recap
August 2025 vs. Early August 2024: Activity Check
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July 28 – Aug. 3, 2025: Just 9 contracts signed for $4M+ properties—the slowest week since September 2023.
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Aug. 4–10, 2025: Deals bounced back to 22 contracts, more than doubling the week before.
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Top Ticket: An $88M penthouse at 140 Jane Street (Downtown), potentially setting a new record for condo sales in that area.
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Notable Upper East Side deal: A townhouse at 10 East 67th Street listed for around $45M.
Quick snapshot for August:
|
Period |
Contracts Signed |
|
July 28–Aug 3 |
9 |
|
Aug 4–10 |
22 |
Hot (and Humid) August Context
Picture this: sweltering sidewalks and soaring temps, and…real estate showings? Not so much. Buyers are pool-bound, not penthouse-bound. So naturally, July 28–Aug 3 had just 9 deals signed, the slowest week in two years.
But give the market a break, cool it down, and it hums back. Aug 4–10 doubled activity to 22. And with trophy listings still commanding eye-popping prices, luxury isn’t taking a vacation, it’s just timing it better.
Property Breakdown (Aug 4–10)
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22 contracts total:
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Condos: 16
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Co-ops: 2
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Townhouses: 4
Price Dynamics: Still Luxe and Elevated
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Aggregate asking price for the 22 homes: $283 million
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Average deal size: $12.9 million
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Median asking price: $5.9 million
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Typical days on market: ~640+
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Avg discount: 5% off original ask
If luxury were a cocktail, it’s still all top-shelf—just with a chiller pacing.
What It All Means
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Summer slumps are real, but luxury buyers aren’t ghosting—they’re strategizing.
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Slow week? Better for discerning buyers. Fewer bidders, more flexibility.
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Back-to-back weeks of luxury sales? Shoes off, terms on negotiable.
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Deals may be fewer, but the ones closing? They’re still record-caliber.
Final Sip
August may have brought the heat, but Manhattan’s luxury market didn’t melt. Trophy properties are still commanding headlines (and 8-figure price tags), and even in the lightest weeks, buyers showed up with cash.
Whether you’re prepping a fall listing or scouting for your next penthouse, remember: Luxury never sleeps, it just vacations in St. Barts for a bit.
See you next month (hopefully with a breeze and a bidding war).
