Aug
05

Exclusive 2nd Quarter 2012 Elliman Report for the Hamptons/North Fork Market Released

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 This week, we released our Second Quarter report for the Hamptons & North Fork Sales Market.  Hamptons & North Fork Sales Overview Q2 2012 reported here and summarized below was prepared by Miller Samuel for Prudential Douglas Elliman.

 “The East End recorded its highest number of spring market sales in six years.”

  • There were more sales in the second quarter spring market than there has been in any second quarter throughout the past six years. The second quarter total was 676 sales, 9.2% more than 619 sales in the prior year quarter.
  • Listing inventory was 2,452, 5.3% above 2,329 in the same period last year. As a result, the monthly absorption rate, the number of months to sell all listings at the current pace of sales, was 10.9 months, faster than the 11.3 months in the prior year quarter and the 12.9 month six-year average.
  • Median sales price was $735,000, 4.1% below $675,250 in the prior year quarter. Average sales price slipped a nominal 0.4% to $1,507,255 from $1,513,636 over the same period.
  • Days on market, the number of days from the last price change to contract date, was 193 days, 5 more than 188 days in the prior year quarter.
  • Listing discount, the percentage difference between the list price at time of contract and the sales price, slipped to 11% from 11.4% in the prior year quarter.

 

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