Jul
21

Second Quarter 2011 Hamptons & North Fork Residential Sales Market Overview

By

Just released today are the new 2Q 2011 Residential Sales Market Report for the  Hamptons & North Forkprepared by Miller Samuel Inc. for Prudential Douglas Elliman.  

  • Median sales price slipped 1.1% to $766,250 from the same quarter last year, as average sales price jumped 11.3% to $1,513,637.
  • Year-over-year quarterly sales activity edged 6.4% higher to 619 sales compared to the same quarter last year, yet surged 63.3% from the first quarter. The lack of activity in the first quarter was related to the market concern over the potential increase in capital gains tax, causing market participants to rush to close before the end of 2010.
  • Listing inventory increased 6.3% to 2,329 listings compared to the same quarter last year, the same rate of increase in the number of sales.
  • Despite the stability in prices and the absorption rate, the marketing time of an average sale was 188 days, 57 days longer than the corresponding quarter in 2010.
  • Listing discount—the difference between the list price at time of contract and the contract price–jumped to 11.4% from 6.4% in the same quarter last year, reflecting a larger mix of high-end sales.

Categories : Market Reports

Comments are closed.