Town & Country Hamptons 2nd Quarter 2018 Home Sales Report
Posted by Judi A. Desiderio — July 23, 2018
HAMPTONS, NY - The 2nd Quarter of 2018 Hamptons Home Sales was a bit like a Jackson Pollack painting. Of the 12 markets monitored by TOWN & COUNTRY, five saw an increase in the Number of Home Sales, five saw a decrease and two were flat.
The most Number of Home Sales was in East Hampton Area (which includes Wainscott) with 97 trades, yet the sweet hamlet of Amagansett statistically saw the greatest jump at +43% — notably that was merely 20 home sales compared with 14 the prior year, same quarter.
Reviewing the 12 markets monitored by TOWN & COUNTRY and we find the Total Home Sales Volume criteria saw eight increases and four decreases. Bridgehampton (which includes Water Mill and Sagaponack) logged the highest at $216,802,969 with East Hampton Area (which includes Wainscott) right on its heels closing $202,471,729, almost twice the Total Home Sales Volume from last year for East Hampton Area (which includes Wainscott). The Median Home Sales Price saw the same eight up and four down but one glaring statistic was East Hampton Village with a Median Home Sales Price of a whopping $6,000,000 — impressive!
The only anchor on the South Fork for the 2nd Quarter 2018 was Sag Harbor Village, with 16% less Home Sales, 15% less Total Home Sales Volume and a 37% lower Median Home Sales Price — too much red for our darling Sag Harbor. It is likely contributed to what I call shock absorption — home prices in Sag Harbor have been appreciating for quite some time — as with all markets, a pause occurs before the next set of price increases.
Looking at All Hamptons Markets Combined and it is crystal clear we are in a very healthy Home Sales Market. The Number of Home Sales are +3%, the Total Home Sales Volume is +9.2% and the Median Home Sales Price is +7% — those are solid, sustainable increases. Looking at the eight specific price ranges monitored by TOWN & COUNTRY and the trend is substantiated. The decrease in under $500K is simply due to lack of inventory. The only hit seemed to be on the high end where, statistically, there was a 75% drop in Home Sales $20M and up — but that is such a small segment of the market — for the second Q 2018 only one of the 422 home sales was in that price range.
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