This 4th Quarter TOWN & COUNTRY HOME SALES REPORT is one of the most interesting compilation of factors in the nearly three decades I’ve been reporting on market statistics. Tons of moving parts.
First, let’s examine the obvious… the last 3 months of 2015 were not banner months for trades. In fact, 10 of the 12 markets monitored by TOWN & COUNTRY saw declines — some quite significant — with the greatest statistical drop in Amagansett at 46%.
Next reviewing the Total Home Sales Volumes and the bleeding gets worse with 12 of the 12 markets we watch closely experiencing declines. Southampton Village got pummeled with a 67% plummet in Total Home Sales Volume from $222M in 4th Quarter 2014 to $74M in 4th Quarter 2015. But fret not, this is primarily due to four huge sales in 2014 all over $30M, that pushed the Total Home Sales Volume to rare heights.
The beacon of the three criteria monitored by TOWN & COUNTRY is the Median Homes Sales Price. 7 of the 12 markets saw increases, with many being significant increases. The Bridgehampton Market (which includes Water Mill and Sagaponack) shot up 38% from $2.87M in 4th Quarter 2014 to $3.95M in 4th Quarter 2015. Only East Hampton Village topped that Median Homes Sales Price slightly, with $3.995M.
As we predicted, the price range suffering the most was the high end. The $20M+ and up price range sunk 64% from 11 sales in the 4 in the 4th quarter 2015. This is a direct result of the pull back on Wall Street, since that’s the demographic of the buyer at that elite level.
TOWN & COUNTRY monitors specific price ranges within each market. 7 of the 8 saw declines. One surprise is the $5 – $9.9M category which closed 2 more sales, from 25 to 27 home sales, therefore increased 8%.
A glance at All Hamptons Markets Combined and the picture comes into full focus. During the last 3 months of 2015 the Hamptons Home Sales experienced a pull back.
Click HERE for full report & statistics…