Home Staging New York: 10 Year Trends in Manhattan and Hamptons Real Estate

The Manhattan and Hamptons real estate markets seem to run in tandem, not surprisingly.

Looking at the 10-year statistics compiled by Prudential Douglas Elliman in conjunction with Miller Samuel, both markets reached their peak sale prices toward the end of the decade (2008 and 2007 respectively).

But interestingly, Manhattan hit its peak number of sales in 2007, while the Hamptons hit it in 2000.

 

 

 

Manhattan (co-ops and condos)

Record years for the past decade:

  • The median sale price in 2008 of $955,000, the highest over the decade
  • The lowest was $399,000 in 2000
  • Average days on the market was 179 in 2009, the highest over the decade
  • Shortest average days on the market was 102 and occurred in 2004
  • The highest dollar volume and number of sales occurred in 2007
  • The lowest occurred in 2009

 

The Hamptons

I bought my house in East Hampton at the end of 2000, which turned out to be the year for the lowest average and median sales price over the past decade. 

It also turned out to be the year for the highest number of sales. I’d like to say that I and others bought in that year because we had foreseen the run up in prices, but it just turned out to be that way.  I’ve been very lucky.

Record years for the past decade:

  • The highest average sales price of $1,787,955 occurred in 2007
  • The lowest occurred in 2000 at $607,014
  • The highest median sales price also occurred in 2007 at $975,000
  • The lowest occurred in 2001 at $366,000, just $1,250 less than in 2000
  • Interestingly, the number of sales peaked in 2000 at 2,750; the next highest year was 2005 at 2,528 sales
  • But the number of sales declined after that and hit its trough in 2009 at 1,124, not surprisingly

See the complete reports for more information.

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