This link takes you to Miller Samuel's Decade report from 2006 - 2015. When looking at the decline between '08 & '09, it shows you a 13% decrease in the average sale price, similar to a 15% decline in price per square foot (ppsf), and an 11% decline in median sale price. 2009 numbers were $850k median price, $1,073sf, and $1,393,001 for average sale price.
In 2009 the average blended price for a 2br (coop & condo) in the UES & UWS was $1,589,000. Through my powerful tools at Halstead, I was able to run a custom search for 2 bedrooms (scroll to the bottom for report summary). As of Friday May 15th, the average resale contract price for a 2br was $1,559,000. So when you put it all together, the current average asking price for listings under contract is similar to where sales were trading in '09. When you factor in today's average 7% discount it's even better. One last thing to add is that the data is for doorman, elevator buildings which result in even stronger numbers. Sure there could be a large sale that becomes under contract pushing the average higher and for fun let's say that number is $1,650,000. With the average 7% discount being negotiated, that would result in an approximate purchase price of $1.53M. With numbers as close as these and the inventory to come, it's going to be an incredibly opportunistic time to buy in New York City. Now is the time to lean on your real estate professional more than ever. Buy right and invest in your future. For more info --> contact me
If you're a seller you want to wait it out unless you're wanting to buy a larger space. However if you must sell, or you're wondering what to do, yep, you guessed it, contact me.