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Where did the Summer go? I am sure many of you feel like it's the "Summer That Never Was" as we weren't able to do all of the things we would normally do. But thankfully, the weather did allow us to get outside after long periods of quarantining ourselves.
As you will read below, because New York City did not open up to real estate showings until the end of July, it is difficult to gauge any trends in the Manhattan real estate market. As one would expect, signed contracts were up compared to the 2nd quarter, closings were down from the same quarter last year, the number of listings were up compared to both the last quarter and the same quarter last year. The latter can be explained by the pent up demand of listings which never went on the market in the Spring. So the Summer of 2020 acted more like the typical Spring market. You can see the latest coverage for the third quarter of this year below.
While things were a bit tempered in the city, the Hamptons market boomed like gangbusters! Sales volume doubled and the median sale price increased almost 25% from the same time last year!
I thought I would take this opportunity to showcase our favorite living room stagings, mostly from 2019. While we also happily do owner-occupied stagings using most if not all of the homeowners' furniture, there is nothing like an empty room which allows us to use our creativity and create a vision for the buyer to fall in love with. See some photos below.
Lastly, we are sharing some recently updated staging statistics put out by the Real Estate Staging Association, Home Staging Resource, and the National Association of Realtors. You can also download these statistics to your computer and print them out.
You won't be hearing from us until after Thanksgiving so have a happy one, and be mindful and stay healthy!
Warm Regards,
Donna M. Dazzo, President
Designed To Appeal
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Our Favorite Living Room Stagings
Here are some of our favorite living room stagings we did, mostly in 2019. We love the blank canvas of a vacant apartment or house.
110 Duane Street, Tribeca
35 Sutton Place, Upper East Side
210 Lafayette Street, SoHo
250 East 65th Street, Upper East Side
206 West 17th Street, Chelsea
130 East 67th Street, Upper East Side
655 Park Avenue, Upper East Side
579 Broad Street, Newark, NJ 50 East 10th Street, Greenwich Village
207 East 74th Street, Upper East Side
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Staging Statistics
If you are wondering if it's worth staging your home before putting it on the market, and want financial proof that it's worth the investment, take a look at these proven statistics from the Real Estate Staging Association, the National Association of Realtors, and Home Staging Resource. You can download a copy here to give to save to your computer or print the out.
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Closings largely reflect deals struck during the market "pause" so unsurprisingly fell from last year. For the quarter overall, closings were down 44% year-over-year and contracts signed dropped 15% given that July and August were still slower than 2019. Covid-19 and New York's reopening significantly affected inventory this summer as well. Active listings in Third Quarter 2020 rose 57% versus last quarter and 28% versus last year to 9,560 units, the highest number since Second Quarter 2009. As predicted, last quarter's drop in listings was indeed a temporary result of Covid-19; after the announcement in May that reopening would begin in June, sellers rushed back into the market. New listings rose quickly, peaking at 2,200 in July-similar to the typical surge seen in April before the spring selling season. We are hopeful that lower prices, record-low interest rates, and easing Covid-19 restrictions will propel the Manhattan market back to the improving levels of activity experienced at the start of 2020."
To view the entire Third Quarter 2020 Manhattan Corcoran report including the breakdown between condos and co-ops, click here.
To view the Third Quarter 2020 Brooklyn report from Corcoran, click here.
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"The Summer of 2020 will go down in the Hamptons Real Estate Books! Looking at All Hamptons Markets Combined delineates the power of the market with the Total Home Sales Volume doubled to $971.5M from $481M and a 52% jump in the Number of Home Sales. The $5-$9.99M price category realized the greatest statistical increase of a huge 333%. This 3rd Quarter Home Sales Report reflects just the beginning of the ascent, due to the time it takes from O & A to contract signing to closing to recording - which is 60-90 days. The only report better than this one will be next quarter.
The 3rd Quarter of 2020 North Fork Home Sales experienced a tremendous increase in activity - much of which continues through today. The Total Home Sales Volume grew an impressive +38% with +20% more home Sales and an +18% increase in Median Home Sales Price!"
Judi Desiderio, CEO, Town & Country
To view the full Third Quarter 2020 Hamptons report, click here.
To view the full Third Quarter 2020 North Fork report click here.
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Home Staging
Consultations:
Virtual and In-Person
(for occupied homes)
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For Manhattan and the Hamptons from Montauk to Southampton:
$400 for the first 2 hours, $125/hour thereafter. Plus sales tax.
FREE VACANT STAGING ESTIMATES IN MANHATTAN AND THE HAMPTONS
Other Areas: A travel premium will apply.
Contact us to schedule a Home Staging Consultation or Vacant Staging Estimate.
Click here for more information about all of our services.
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For More Info
During the Month...
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FREE Closet
Organization,
Open House, and
Moving Checklists
FREE Closet
Organization,
Open House, and
Moving Checklists.
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Try our
Home Staging Savings Calculator
developed by the Real Estate Staging Association (RESA)
Click on the calculator above, which will launch in a new window.
For more detailed instructions, click here.
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