Hamptons Not Immune to Market Forces

The 3rd Quarter Hampton and North Fork Overview has been released by Prudential Douglas Elliman and Miller Samuel.

Highlights: The Hamptons/North Fork market continued to show weakness this quarter as evidenced by the decline in price indicators and number of sales, as inventory, days on market and listing discount expanded. While median sales price showed a decline of 17.3% off the record set last year at this time, median sales price was 1.6% higher than the same period two years ago. Price indicators by quintiles show declines in all segments but are roughly similar to those seen two years ago. Median sales price south of the highway was above the same period last year while the median sales price to the north continues to decline. There were fewer sales this quarter as compared with last year at this time as the continuing issues with credit and an economic slowdown impact demand. However, the rate of decline for number of sales was less than the pace seen in Manhattan, Brooklyn and Queens this quarter.

The following is more specific information by market area:

Hamptons/North Fork (Overall)

– Median sales price was $729,000 this quarter, down 17.3% from the prior year quarter amount of $882,000.
– Listing Inventory increased 11.3% to 1,991 units from the prior year quarter amount of 1,788 units.
– Number of sales decreased 16.9% to 355 units from 427 units in the prior year quarter.

Hamptons Market

– Median sales price was $830,000 this quarter, down 19.4% from the prior year quarter amount of $1,030,000.
– Listing Inventory increased 9.8% to 1,561 units from the prior year quarter amount of 1,422 units.
– Number of sales decreased 28.8% to 257 units from 361 units in the prior year quarter.

– Median sales price of all quintiles showed declines from the prior year quarter.
– Median sales prices “south of the highway” (rt 27) saw a 17.5% gain to $1,100,000 from the same period last year.

North Fork Market

– Median sales price was $575,000 this quarter, up 10% from the prior year quarter amount of $522,500.
– Listing Inventory increased 17.3% to 430 units from the prior year quarter amount of 367 units.
– Number of sales increased 48.5% to 98 units from 66 units in the prior year quarter.

– Median sales price of the first four quintiles showed increases from the prior year quarter, while the upper quintile posted a 3.3% decline.

Luxury Market (upper 10%)

– Median sales price was $4,800,000 this quarter, down 26.7% from the prior year quarter amount of $6,550,000.
– Listing Inventory increased 45.6% to 511 units from the prior year quarter amount of 351 units.
– Sagaponack had the highest average sales price at $13,000,000 but was only based on two sales. Luxury property sales were more evenly distributed this quarter.

Condo Market

– Median sales price increased 5.2% to $478,000 this quarter from the prior year quarter amount of $454,202.
– Listing Inventory fell 20% to 64 units from the prior year quarter amount of 80 units.
– Number of sales increased 43.8% to 23 units from 16 units in the prior year quarter.

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