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Sales slow in The Hamptons

The second quarter market reports have just been released by some of the top brokerage firms, and in Long Island and the Hamptons, the second quarter produced a mixed bag.

On the North Fork, where the median sales price increased year-over-year for the fifth consecutive quarter, the share of sales shifted slightly for homes priced above $1 million, as the pace of the market slowed down, according to the Douglas Elliman 2Q report.

The number of sales fell 21 percent compared to the same period the previous year to 147, while the average sales price jumped 23 percent to $893,984. Homes spent just slightly more time on the market, rising to 130 days from 122. The listing discount more than doubled from the previous year at 15.2 percent, up from 6.3 percent.

On the South Fork, the total number of sales in the second quarter of 2018 dipped 12.3 percent compared to the second quarter of 2017 (478 in 2018 versus 545 in 2017), while the total dollar volume decreased 6.3 percent, according to the Brown Harris Stevens 2Q18 market report.

“Hamptons real estate shows strong sales prices with overall less volume,” said Robert Nelson, senior managing director of Brown Harris Stevens (BHS) of the Hamptons.

However, Nelson added that a quarterly report is just a “small window” into the market, and BHS noticed more closings at the end of June that were not recorded by the time the report came out. “The third quarter report should shed more light,” he said.

Total average sales prices in the Hamptons rose 6.9 percent and the median price increased 4.5 percent while the actual number of transactions dipped 12.3 percent and total dollar volume of all sales was off 6.3 percent, according to the BHS second quarter market report.

“The strength of the high end of the market was evidenced by a significant number of sales late in the second quarter that have closed, but not yet recorded, bringing the total number of sales over $5 million to 53, with 15 sales over $10 million,” said Nelson.

“Rentals continue to be a challenge as tenants opt for shorter time frames than in years past. On the North Fork the total number of sales was off 9.7 percent, but total dollar volume rose 3.1 percent.”

Corcoran’s second quarter report found sales activity and volume were up across the board in the Hamptons. Closed sales were up slightly at 2 percent, while an increase in high-end sales drove up sales volume 15 percent year-over-year to $1.13 billion.

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