TOWN & COUNTRY’S 1st Quarter 2014 Home Sales Report proves, indisputably, that the Hamptons Real Estate market is enjoying a new wave.
The Big Kahuna is Southampton Village where the Total Home Sales Volume exploded nearly 1000%!!! That’s a first! In 1st Quarter 2013, Southampton Village posted $6.935M for its Total Home Sales Volume and a year later it is $76M. Southampton Village took the crown home for the highest increase in Number of Home Sales — 4 in 1st Quarter 2013 and 17 in 1st Quarter 2014. The Median Home Sales Price came along for the ride as well from $1.625M in 1st Quarter 2013 to $4.2M in 1st Quarter 2014 — a 158.5% leap.
While Southampton Village was definitely the most outstanding there were several honorable mentions. The charming hamlet of Amagansett realized a 530.8% increase in Total Home Sales Volume from $11.55M to $72.859M year to year 1st Quarter 2013 to 2014. The Median Homes Sales Price in Amagansett was $2.725 —the 2nd highest and an impressive 123% increase from last year’s Median Homes Sales Price.
Nine of the 12 markets monitored by TOWN & COUNTRY saw an increase in the Number of Home Sales, 2 were unchanged, and only one market saw a decline of 17% — it was the red hot market of Montauk, posting 20 home sales in 1st Quarter 2014 vs. 24 sales in 1st Quarter 2013. This statistic should not be interpreted as a pull back in demand — absolutely not — it is simply a lack of inventory. In MTK, as we affectionately refer to it, any listing priced correctly and positioned properly sells.
Looking at All Hamptons Markets Combined and the 1st Quarter activity reveals nearly all black straight across the 3 criteria OWN & COUNTRY monitors and the 7 separate price ranges. Sales boomed with a 29% increase in the Number of Home Sales and a 32.3% rise in the Median Homes Sales Price, both resulting in a doubling in the Total Home Sales Volume of $641M in the first 3 months of 2014.