TOWN & COUNTRY’S 4th Quarter Hamptons Home Sales Report shows in black and white (and red) exactly what the home sales activity for late fall, early winter of 2011 was all about.
Ordinarily, we close these reports with looking at all the All Hampton Markets Combined, but this time we will begin with evaluating the cumulative figures as it is a good indicator. In All Hampton Markets Combined, the number of home Sales increased 9.43% from 265 to 290 4th Quarter Year to Year, yet the Median Home Sales Price dropped 16.22% from $940,000 to $787,500 same period.
A further look at the six price categories we examine show strong increases in activity below $2M, flat over $3–5M, and a decrease of 43.24% from 37 in 4th Quarter 2010 to 21 in 4th Quarter 2011 in the $2–3.49M price range. We can speculate on buyer demographics to explain this phenomenon but we will hold off until the Town & Country Year End Report is released next week.
The shining star in The Hamptons was Sag Harbor. Sag Harbor area (which includes Noyack and North Haven) Number of Houses has sky rocketed 87% from 15 to 28 year to year in the 4th Quarter. The Total Home Sales Volume shot up nearly 80% from $18.7M to $33.4M 4th Quarter 2010 to 2011, yet the Median Home Sales Price dropped 28%. Again a further look at the six specific price categories monitored by Town & Country clearly depicts 25 of the 28 sales were under $2M and the only price category to decline was $2-3.49M price category which went from 5 home sales in 2010 to 1 in 2011 4th Quarter.
Sag Harbor Village had a sterling 4th Quarter 2011 with increases in all three criteria monitored – 60% increase in Number of Home Sales; 35% increase in Total Home Sales Volume, and 2% increase in Median Home Sales Price.
Neighboring Shelter Island enjoyed a 45.45% spike in Home Sales from 11 to 16 year to year.
The 3 crown jewels, East Hampton Village, Southampton Village and Bridgehampton (which includes Water Mill and Sagaponack) remain impressive by any standards.
Southampton Village Median Home Sales Price 4th Quarter 2011 came in at $2.3M.
Bridgehampton Market (which includes Water Mill and Sagaponack) posted a Median Home Sales Price of $2.8M.
East Hampton Village a staggering $3.575 Median Home Sales Price.
To view more specifics on your particular locations visit www.1TownandCountry.com/reports.
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.