To those of us in the industry, the second three months of 2014 seemed busier than the statistics show. Personally, I had expected to see all 12 markets monitored by TOWN & COUNTRY in the black for all 3 criteria — Number of Home Sales, Total Home Sales Volume and Median Home Sales Price — but this was not the case. In fact, only 6 of the 12 individual markets increased in both Total Home Sales Volume and Median Home Sale Price, but 8 of the 12 rose in the Number of Home Sales.
Certain statistics jump right off the page such as $2,678,750 Median Home Sales Price for East Hampton Village which is quite impressive, but actually a 37.7% drop from last year’s $4.3M Median Home Sales Price.
East Hampton Area (which includes Wainscott) posted the most Number of Home Sales at 96, but again, that was a 14% decline from the 112 Home Sales documented in 2nd Quarter 2013.
The white hot market of Montauk realized the greatest increase in Median Home Sale Price, a 23.3% jump from 2013, same period, from $750,000 to $925,000. The demand in Montauk remains strong, but we are short on inventory.
Bridgehampton (which includes Water Mill and Sagaponack) tallied the highest Total Home Sales Volume at $170,008,920 of all markets, but again, this is a 10.6% drop from 2nd Quarter 2013, where a staggering $190,102,980 was posted. The $5M – $9.9M price category in Bridgehampton (which includes Water Mill and Sagaponack) saw the greatest jump at 75% from 4 in 2nd Quarter 2013 to 7 in 2nd Quarter 2014.
Sag Harbor Village had the greatest gain in Number of Home Sales at 67% from 12 sales in 2013 to 20 in 2014 for the same time period.
Reviewing All Hamptons Markets Combined and we note that the sales activity (Number of Home Sales) enjoyed a 5% tick up, Median Home Sales Price remained somewhat level at $975,000, but the Total Home Sales Volume dipped 12%.