There’s nothing more impressive than a powerful recovery!
Town & Country was the first to identify the bottom in the middle of last year, and promised a report in 2010 that would prove activity levels were returning.
It seems some of the markets hit hardest by the recession came back with a bang!
SHELTER ISLAND posted a whooping 1300% increase in Number of Home Sales from 1 to 14 and therefore an OUT OF THIS WORLD increase of 1442% in Total Home Sales Volume from $1.24M to $19M – which is twice the $9.5M posted for 1st quarter 2008! Oddly though the Median Home Sales Price dropped 15.4% from $1,240,000 to $1,049,500 – a trend we see in 4 markets thereby clearly conforming to the public’s demand for lower priced homes.
All 11 markets monitored by Town & Country saw BLACK or increases, in the Number of Home Sales. 10 of the 11 markets saw increases in the Total Home Sales Volume with the only exception being SAG HARBOR AREA (which includes Noyac and North Haven) with a 16% dip. And 6 of the same 11 markets experienced gains in Median Home Sales Price in this year to year 1st quarter report.
EAST HAMPTON VILLAGE Median Home Sales Price rose 137% from $1,242,500 to $2,950,000. While quite impressive, it still trails the $3.45M posted 1st quarter 2008, pre-recession.
SOUTHAMPTON VILLAGE Median Home Sales Price also experienced a grand increase of 103% from $825,000 to $1,675,000, 2009 to 2010 respectively. Still a far cry from 1st quarter 2008 when SOUTHAMPTON VILLAGE Median Home Sales Price was $2,775,000.
Studying All Hamptons Markets Combined we see just how impressive this recovery is. The Number of Home Sales rose 175% from 106 in 2009 to 292 in 2010 – which trumped the 287 posted back in 2008 before the crash! Further, the Total Home Sales Volume sky rocketed 251% from $153.6M in 2009 to $539M in 2010 and the Median Home Sales Price rose 51% from $730,000 in 2009 to $1.1M in 2010 – again trumping the $975,000 Median Home Sales Price 1st quarter 2008.
Clear across the board All Hamptons Markets Combined in every category and every price range displayed pure and powerful black.
If the time were ever more right to buy,,, I haven’t seen it!
To view more specifics on your particular locations and price ranges, visit out website 1TownandCountry.com and click “Reports”.