Real Estate reports released from Brown Harris Stevens, Prudential Douglas Elliman and appraiser appraiser Miller Samuel Inc. sent out some pretty good news for Hamptons Real Estate agents and those interested in buying or selling property on the east end.
The news is that sales are up more than they have ever been in the last five years.
According to the second quarter market report for single-family home sales on the East End of Long Island released by Brown Harris Stevens, the number of sales in the Hamptons rose 23% from the second quarter of last year, with the number of sales under $1 million up 42% over the same period. Every market included in this report experienced an increase in the number of closings when compared to the second quarter of 2011. The average residential sale price in the South Fork of $1,750,264 was down 14% over last year.
“The continued steady growth in the number of sales is encouraging. It reflects the improving level of activity we are currently experiencing for both the North Fork and the South Fork,” said Cia Comnas, executive managing director of Brown Harris Stevens of the Hamptons. “The East End market is greatly impacted by the economy in New York City where employment continues to best most predictions with over 70,000 private-sector jobs created through June. This bodes well for the coming months.”
“In the high end, there’s this sort of herd mentality of one sale leads to another,” Jonathan Miller, president of New York-based Miller Samuel, said in an interview with Bloomberg Businessweek. “You see some high-end sales and it gives people the impetus to list.”
The Bridgehampton market was the only area in our report to experience an increase in both median and average sales price over the same period last year. The East Hampton market saw the number of sales hold steady or increase at every price point with the number of closings for less than $1 million up 50% over the second quarter of 2011. The Sag Harbor market was impacted by a $36 million sale during the second quarter last year this resulted in much lower average sales price.