Press Release: October 18, 2013
This 3rd Quarter Hamptons Home Sales Report is a perfect example of how the numbers never lie!
It’s rare that I get truly surprised by the statistics but this is one of those times. Activity levels in all 8 Town & Country offices, along with lots of media hype of a strong Home Sales market, had me anticipating mostly black but instead, as you can see, red is the dominant color. Contrary to what Town & Country is experiencing, the facts of our Hamptons market for July, August and September are as follows:
The darling of the 3rd Quarter Hamptons Home Sales Report is glaringly Southampton Village. While 2012 was not a great year for Southampton Village, 2013 put this crown jewel back on its pedestal. A whopping 88% leap in Median Home Sales Price from $1,385,250 in 2012 to $2.6M in 2013 which then pushed the Total Home Sales Volume up 54% from $41.1M to $63.4M. The Number of Home Sales changed insignificantly from 18 to 17 year to year.
East Hampton Village, on the other hand, seems to be experiencing a significant pull back in all 3 criteria monitored by Town & Country. The Number of Home Sales dropped 64% from 11 to only 4, which of course affected the Total Home Sales Volume by 22% from $46.6M to $36.5M and the Median Home Sales Price dropped 44.3% from $2.9M to $1.615M.
Sag Harbor Village had a wild statistical swing with an 83% increase in the Number of Home Sales from 6 to 11, yet the Median Home Sales Price slid 45% from $1,267,500 in 2012 3rd Quarter to $700,000 in 2013 same quarter — very odd!
Looking at the All Hamptons Markets Combined, where Town & Country tallies 12 individual markets, you clearly see the trend for actual transfers was off 9% year to year and the Total Home Sales Volume dropped 22%. Noteworthy, however, is that of the 7 different price ranges we monitor, only the $1 – $1.99M range grew (by 16%) while the rest saw declines anywhere from 3% to 75%.
As they said yesterday at Goldman, “ It’s only one quarter.”
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