Hamptons 2008 Year End Home Sales Report
Posted by Laura Mott — February 2, 2009
East Hampton, NY (February 3, 2009) - Town & Country’s 2008 Hamptons Home Sales Report contains a few highlights amongst plenty of red ink. Four of the 11 markets we monitor saw increases in Median Home Sale prices. Sag Harbor Village Median Home Sale price, in fact, increased over 10% from $999 to $1.1M year end ’07 to year end ’08, respectively. In addition to Sag Harbor Village, Shelter Island, Southampton Village and East Hampton Village all enjoyed gains in Median Home Sale prices in 2008 when compared to 2007. The two other criteria examined by Town & Country, Number of Home Sales and Total Home Sales Volume, both realized significant losses in all 11 markets monitored. Amagansett dropped nearly 58% in Total Home Sales Volume in ’08 from ’07 from $236M to $99.8M. Looking more closely at the specific price categories, you will see that the Number of Home Sales over $2M, which is the Median Home Sale prices for Amagansett, went from 44 in 2007 to only 18 in 2008 - that being the core of the decline. Bridgehampton (which includes Water Mill and Sagaponack) suffered the greatest losses in both the Number of Home Sales (from 208 in ’07 to 87 in ’08) and Median Home Sale prices (from $2.7M in ’07 to $2.1M in ’08). The Bridgehampton market experienced a dramatic rise over the past few years, therefore corrections seem more severe. Over the past few years, in fact, the Median Home Sale prices rose 20% from $2.25M in ’06 to $2.7M in ’07 and rose 25% from $1.8M in ’05 to $2.25M in ’06. Furthermore, the Number of Home Sales were 201 in ’05, 203 in ’06, 208 in ’07 and 87 in ’08. Thus the $2.1M Median Home Sale prices of 2008 reflects a 17% increase from the 2005 Median Home Sale prices of $1.8M — a sensational investment when evaluated in proper context.