therealdeal.com – Luxury pads in Manhattan experienced a wave of price chopping in May, with the average contract seeing a 7 percent reduction, according to Olshan Realty.

The brokerage, which tracks contracts on pads $4 million and up, said the average discount was just 4 percent in May 2015. Last week, there were 33 contracts signed – a 2016 record – but the average price drop was 11 percent, even as properties spent an average of 366 days on the market.

For the week of May 23-29, the total weekly asking price sales volume was $270.8 million with an average asking price of $8.2 million.