LONG ISLAND, NY - TOWN & COUNTRY’S Judi A. Desiderio has been reporting on Hamptons Home Sales statistics for over 20 years. This 3rd Quarter Home Sales Report epitomizes why Judi always states “The numbers don’t lie. Individual agents and companies can have record quarters, but individuals don’t make the market.” This is a true eye opener for the amount of RED throughout the report. This is a big surprise since the TOWN & COUNTRY offices are reporting 3rd Quarter sales growth in all markets.
Doing a year over year analysis may not give a full and comprehensive picture. The 3rd Quarter of 2014 was a statistical rocket where all markets monitored by TOWN & COUNTRY saw gains — in fact, 5 markets doubled in the Number of Home Sales 3rd Quarter 2014. The 2015 3rd Quarter Report demonstrates a pull back from the heightened activity of 2014. 8 of the 12 specific markets saw a decline in the Number of Home Sales and all but one market - Sag Harbor Village - saw declines in Total Home Sales Volume.
Sag Harbor Village was the one shining beacon of the report, as it was the only market that was in the BLACK for the 3 criteria which TOWN & COUNTRY monitors: Number of Home Sales, Total Home Sales Volume and Median Home Sales Price.
Montauk experienced a steep decline of 60% less Home Sales and the greatest drop in Total Home Sales Volume of 65%. Who would have guessed that?
Westhampton (which includes Remsenburg, Westhampton Beach, East Quogue, Quogue and Quiogue) was on a wild ride for those 3 months with the greatest decrease in Number of Home Sales (64%) and the greatest increase in the Median Home Sales Price (35.4%), statistically speaking.
Looking at All Hamptons Markets Combined, you see all RED except for a 7% tick up in Median Home Sales Price The two ends of the market - high end and low end - suffered the most but for vastly different reasons. Low end is due to lack of inventory, high end is due to the demographic of the buyer wanting to “park” their money in the sidelines for now.
Looking back at 2013 3rd Quarter Home Sales Report and it seems as though 2015 is more the norm and 2014 was a banner year.
To view all reports visit TownAndCountryHamptons.com/Reports.