Archive for Hamptons
Third Quarter 2011 Hamptons And North Fork Sales Report Released
Posted by: | CommentsToday we released third quarter sales for theHamptons/North Fork residential market. The Hamptons/North Fork Market Overview Q3 2011 reported here and summarized below was prepared by Miller Samuel for Prudential Douglas Elliman.
“East End market conditions reflected increased activity, especially in the luxury market as listing inventory slipped”
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There were 538 sales in the third quarter, 14.7% above 469 sales total in the same period last year, but 13.1% below the prior quarter total of 619 sales.
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Median sales price was $700,000 in the third quarter, 12% higher than $625,000 in the prior year quarter. In the third quarter, 67.1% of all sales fell below the million dollar threshold consistent with the 65.9%, five-year average.
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There were 2,238 listings at the end of the third quarter, 1.5% less than the 2,271 listings in the same period last year.
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Although price indicators and sales activity increased from the same period last year, the listing discount measuring the negotiability between buyer and seller edged higher to 11.3% from 10% in the same period last year.
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Days on market, the number of days from the last price change to contract date, increased 6 days to 170 days from 164 days in the prior year quarter.
Second Quarter 2011 Hamptons & North Fork Residential Sales Market Overview
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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.
Long Island and Hamptons/North Fork 3Q 2009 Residential Sales Market Reports
Posted by: | CommentsJust released today are the new 3Q 2009 Residential Sales Market Reports for Long Island and Hamptons/North Fork prepared by Miller Samual Inc. for Prudential Douglas Elliman.
Median sales price was $700,000 in the third quarter, down 4% from $729,000 in the same period last year, but up 2.9% from $680,000 in the prior quarter.
In a release of pent-up demand, there were 459 sales in the third quarter, 49.5% more than the second quarter and 29.3% more than the same period last year.
Despite the surge in sales this summer, third quarter listing inventory expanded 5.8% to 2,419 properties compared to the prior quarter as sellers attempted to take advantage of the newly active housing market.
Days on market for properties that sold during the third quarter expanded to 198 days from 173 days at this time last year. The surge in demand enticed sellers to leave their property on the market, which drove this indicator higher.
The listing discount, the distance buyers and sellers had to travel to agree on price, expanded to 16.9% in the third quarter from 10.2% in the same period last year.
The number of sales in the third quarter jumped 41.6% to 5,603 properties above prior quarter levels and was 5.9% above the number of sales seen during the same period last year.
The increase in the number of sales has reduced the number of properties available for sale. There were 22,170 properties listed for sale at the end of the third quarter, a 10.1% decline from the 24,672 listing inventory total of the same period last year.
Median sales price was $375,000 in the third quarter, up 4.2% from $360,000 in the prior quarter, but remained 9.6% below the $415,000 of the same period a year ago.
Days on market, or the time it took to market a property, was 116 days, essentially unchanged from 115 days in the same period last year, but was 10 days faster than the prior quarter.
The listing discount, which is the difference between the list price at time of sale and the contract price, was 6.5%, up nominally from 6.4% in the same period a year ago.
