Town & Country’s Year End Home Sales Report holds no surprises.
Looking at the 11 individual markets monitored by Town & Country, we see 4 of the 11 specific markets rose in the number of home sales by as much as 12% as seen on Shelter Island. One market, Sag Harbor area (which includes Noyack and North Haven) was flat, but 7 of the 11 markets saw declines. Southampton Village sales activity dropped to 76 in 2011 from 97 in 2010 or 21.7%. Yet Southampton Village saw a 40% increase in the Median Homes Sales Price from $1,675,000 in 2010 to $2,337,500 in 2011, and the Total Home Sales Volume rose just over 10%.
Bridgehampton (which includes Water Mill and Sagaponack) had the best year of all 11 South Fork markets with increases in all 3 criteria Town & Country reports on 6 times a year. The Total Home Sales Volume in Bridgehampton (which includes Water Mill and Sagaponack) increased 26% from $555M to $700M. The Median Home Sales Price rose 13% from $2.295 to $2.6 year to year and the number of home sales rose nearly 6% from 163 to 172.
Reviewing the cumulative All Hamptons Markets Combined and one glaring statistic jumps out at you – 2011 was a good year for the high end. The highest two priced categories monitored by Town & Country -$3.5 to $4.99M was +16% and $5M and up logged in at 3.7% increase. Thus in 2011 150 homes priced at $3.5M+ traded as opposed to 138 in 2010.
The Total Home Sales Volume and Median Home Sales Price was flat for the year and the number of home sales realized a slight decrease of 6.4%.
The foundation has been laid for healthier markets to come.
Judi A. Desiderio, CEO
*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