What a difference a year makes! It’s a wonderful thing to see Black dominate over Red!Town & Country Real Estate monitors 11 specific Hampton markets – each very different. We are pleased to report that in all 11 Hampton markets, the Number of Home Sales and Total Home Sales Volume saw increases – significant ones at that.
MONTAUK blows away the competition with a 171% increase in Number of Home Sales from 7 in 2nd quarter 2009 to 19 in 2nd quarter 2010. The Total Home Sales Volume also rose 127% from $7.225M to $16.410M 2009 to 2010, 2nd quarter. Oddly though, the Median Home Sales Price dropped 21.32%, from $950,000 to $747,500. A closer look shows a 350% increase in sales between $500,000 - $999,000, from 2 to 9 – year to year. This dynamic shifts theMedian Home Sales Price. Suffice to say though, Montauk is HOT!!!
SAG HARBOR VILLAGE has also proudly made a mark 2nd quarter 2010 with the greatest increases in the Total Home Sales Volume and Median Home Sales Price. The Total Home Sales Volume for SAG HARBOR VILLAGE exploded with a 350.45% increase from $4.42Mto $19.91M2nd quarter 2009 to 2nd quarter 2010 and the Median Home Sales Price shot up 72.11% from $605,000 to $1,041,250. The 2009 2nd quarter for SAG HARBOR VILLAGE was a severelyoff quarter, 2010 is more in line with a usual quarter.
One statistic to recognize is that 8 of the 11 markets monitored by Town & Country realized declines in the Median Home Sales Price. The BRIDGEHAMPTONMarket (which includesWaterMill and Sagaponack) saw the greatest decline with -42.76%. A closer look at the Number of Home Sales in that particular market clearly demonstrates the shift in sales were by $2-3.49M range (Bridgehampton’s most active price range) increased 600% from 2 sales 2nd quarter 2009 to 14 in 2nd quarter 2010 while the higher price categories saw smaller increases and even a decrease of 16.7% in the $5M and up category.
Looking at ALLHAMPTON MARKETS COMBINED, we see exactly what occurred in the 2nd quarter of 2010 for home sales in the Hamptons. The Number of Home Sales more than doubled (+119%) along with the Total Home Sales Volume which doubled (103.7%) yet theMedian Home Sales Price remained stable (-2.63%) and within each of the 6 pricecategories monitored by Town & Country, there were increases of as much as 150%.
All in all, the Hamptons home sale markets enjoyed a good 2nd quarter 2010. We are pleased to report the activity level has remained healthy with inquiries, appointments, offers and contracts which will all lead to another healthy quarter next quarter.
To view more specifics on your particular locations and price ranges, visit our website 1TownandCountry.com and click “Reports”.
Please click here to read the report in entirety *Source: The Long Island Real Estate Report**All information is deemed reliable and correct. Information is subject to errors, omissions and withdrawal without prior notice.