Douglas Elliman has released its quarterly report on the Hamptons real estate market—and it’s all good news.
For starters, the fourth quarter of 2014 saw a 31.0% increase in the average sales price over the year prior, bringing the average up to $2,062,072. The median sales price increased 26.5 % to $975,000.
Sales volume is up significantly. The number of sales closed reached 734. That makes for an increase of 48.0% and the highest quarterly total in nearly a decade.
In the luxury market—the top 10% of sales—the median sales price increased 16.3% to $6,975,000. The number of sales for the quarter went from 49 in 2013 to 74 in 2014.
The pace of sales for all properties on the market fell to 6.4 months, down 32.6%.
The sale price of homes was, on average, 9.2% lower than the listing price. This is up from 7.9% during the fourth quarter of 2013.
Overall for 2014, the Hamptons market saw a 14.1% increase in the average sales price, up to $1,743,392. According to Elliman’s decade survey, that average is up 32.5% compared to 2005. The median price was $800,000 in both 2005 and 2013. It has reached $884,000 in 2014, with works out to both an annual improvement and 10-year improvement of 10.5%.