TOWN & COUNTRY REAL ESTATE monitors 11 specific Hamptons markets in the most comprehensive report available. The 2009 year end statistics clearly shows shifts in price ranges and locations deemed “the best values”. In addition, the current year end report was saved by a sudden increase in sales activity in the final months of 2009.
Similar to our 4th Quarter Report, BRIDGEHAMPTON (which includes Water Mill and Sagaponack) realized significant gains in all 3 parameters monitored by TOWN & COUNTRY. The Number of Homes Sales shot up 50% from 87 in 2008 to 131 in 2009. The Total Home Sales Volume increased 46% from $319M to $466M year to year, and the Median Home Sales Price rose 29% from $2.1M in 2008 to $2.7M in 2009. Further scrutiny of the 6 different price ranges reported by TOWN & COUNTRY, showed a 173% in the $2M - $3.49M category with 15 Total Home Sales in 2008 to 41 in 2009. Keep in mind BRIDGEHAMPTON (which includes Water Mill and Sagaponack) took one of the biggest hits during this market correction, and buyers realize these markets are value driven.
On the flip side, SAG HARBOR VILLAGE seems to be taking the longest to turn around. There the declines were the greatest in the Number of Home Sales, down 47% (from 43 in 2008 to 23 in 2009) and the Total Home Sales Volume down 54% (from $59.5M in 2008 to $27.4M in 2009). While in the past few years both the Sag Harbor Village and Shelter Island markets have been comparable in Total Number of Home Sales, in 2009 there were 43 home sold on Shelter Island and only 23 in Sag Harbor Village.
Off all 11 markets monitored by TOWN & COUNTRY, EAST HAMPTON VILLAGE experienced the greatest downward shift in Median Home Sales Price from $3.35M in 2008 to $2.4M in 2009 or a decline of 28.4%. In the under $1M price category, Total Home Sales doubled from 4 to 8 year over year, 2008 to 2009.
THE HAMPTONS (all markets combined) clearly show the shift towards the lower price range activity, though the greatest gain was present in the $2M-$3.49M price category which jumped 34% from 98 Total Home Sales in 2008 to 131 in 2009.
In conclusion, we see the buyer’s attention focused on value, and that different hamlets are emerging from this great recession at different levels.
To view more specifics on your particular locations and price ranges visit our website 1TownandCountry.com and click on “Reports”.
To view the Hamptons full year specifics, click here.