A Decade in Manhattan Real Estate 2002-2011
In 2002 the Euro became the new standard currency for 12 European countries, a large-scale drought hit Africa and has yet to subside, American Idol premiered, Whistleblowers on Enron, Sept. 11 and WorldCom were named Time’s persons of the year, snipers terrorized DC, Bush created the Department of Homeland Security, Lord of the Rings: Two Towers was released, and the average cost of a new home was $228,700. No, silly, not for Manhattanites, for those other people.
In Manhattan, the average sales price was $795,079 in ’02. Evidently inflation trumps recession, because this number was up by $631,833 in 2011 to $1,426,912. Over the past 10 years the average sales price, median sales price and price per square foot have all jumped more than 50% and 2011 sales marked the third highest in the decade. Other than that, everything else looks pretty stable if not a bit brighter!
- Sales are up 6.9% since 2002 and 1% from last year
- Days on the market differs just one day from 10 years ago, when the average was 126
- Listing inventory is 3.8% lower today, with 7,221 homes on the market as opposed to 7,506
- ARMs are down from 4.12% to 2.77% while your traditional 30-year mortgage is at 3.91% rather than 6.05%
Source: Prudential Douglas Elliman
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