TOWN & COUNTRY REAL ESTATE has compiled a 5 year study of the 11 specific markets comprising the Hamptons, Long Island.
We chose 5 years specifically due to the fact that TOWN & COUNTRY had identified the summer of 2005 as the “Top of the Market” for sales activity (August 2005) and we were the first to identify the first half of 2009 as “The Bottom” (March 2009). Thus looking to analyze the comparison from Bull to Bear!
This evaluation examines the Number of Home Sales, Total Home Sales Volume and Median Home Sales Price in all 11 markets monitored by TOWN & COUNTRY including 6 specific price ranges within each market.
In the Hamptons, while we experienced the most Number of Home Sales in 2005 (2,544), 2007 was the best year for high end home sales, as evidenced by the highest Median Home Sales Price of $999,000 (2007). A closer look at the different price ranges monitored by TOWN & COUNTRY and you will see from $2M up, the highest Number of Home Sales occurred in 2007! In fact 5 of our 11 markets posted their highest Median Home Sales Price in 2007!
7 of the 11 individual markets monitored by TOWN & COUNTRY had their best year in 2005 for the Number of Home Sales – or sales activity as we say – with 2007 second best.
Now some sobering statistics... SAG HARBOR VILLAGE and SOUTHAMPTON AREA (which includes North Sea) dropped the most in the Number of Home Sales – 67%. Furthermore 9 of the 11 markets saw declines of at least 50% in sales activity when comparing the Number of Home Sales in 2005 with the Number of Home Sales in 2009.
The Total Home Sales Volume in the SOUTHAMPTON AREA (which includes North Sea) experienced the greatest decline - 69% - from $273M in 2005 down to $83.5M in 2009.
MONTAUK and BRIDGEHAMPTON (which includes Water Mill and Sagaponack) on the other hand posted their highest Median Home Sales Price in 2009, $909,930 and $2.675M respectively.
While these statistics may have a sobering effect – the good news is we are off the bottom! This leaves us future ad- vancing markets.
To view more specifics on your particular locations and price ranges visit our website 1TownandCountry.com and click on “Reports”.