Oct
25

Exclusive Ellliman Third Quarter Report for Hamptons & North Fork Sales

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This week, we released our Third Quarter report for the Hamptons & North Fork Sales Market.  Hamptons & North Fork Sales Overview Q3 2012 reported here and summarized below was prepared by Miller Samuel for Prudential Douglas Elliman.

“The East End market saw its highest number of third quarter sales in six years”

 

  • Number of sales increased 4.3% from the prior year quarter to 561, the metric’s highest third quarter total since 2006.
  • Listing inventory fell 14% from the prior year quarter to 1,924. Over the same period, the monthly absorption rate, or number of months to sell all listing inventory at the current pace of sales, was down from 12.5 to 10.3 months, the second fastest rate in over four years.
  • Median sales price fell 9.3% from $700,000 in the same quarter last year to $635,000, largely due to an increased number of lower-priced sales. Sales below $1M increased to 69.9% market share, up from 67.1% in the prior year quarter and above the five-year average of 66.5%.
  • Days on market, or number of days from the last price change to contract date, was 192 days, up from 170 in the prior year quarter.
  • Listing discount, the percentage difference between the list price at time of contract and the sales price, fell from 11.3% in the prior year quarter to 8.6%.

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