Log In   ·   Become A Member

Luxury Hamptons Estates And Homes Below $1 Million Make A Mark During The Third Quarter

Nicole Barylski

3 Kirks Place in East Hampton is listed for $6,995,000. (Courtesy Photo)

The Long Island real estate market experienced a strong third quarter in 2016, with the most sales in 14 years and the lowest inventory in 13 years, according to a report from Douglas Elliman. The median sales price increased 3.8 percent to $405,000 and the third quarter saw the quickest market pace in 13 years.

In the Hamptons, listing inventory dropped again for the 5th consecutive quarter. There was a surge in sales above $5 million and the luxury market outpaced the overall market by price trend. The median sales price plunged 13.2 percent to $825,000, while the average sales price grew a minimal 0.6 percent to $1,746,413. The number of sales was 517, a 2 percent increase and listing inventory fell 10.4 percent to 1,533.

"The Hamptons market saw a small increase in sales after 5 quarters of year over year declines," explained Jonathan J. Miller, President and CEO of Miller Samuel Inc. "Two patterns that stood out this quarter was the surge in sales below $1 million, accounting for nearly 60 percent of all transactions, and an uptick in activity above $5 million."

3 Kirks Place is among current luxury listings. (Courtesy Photo)

The average Hamptons sales price in the luxury market grew 24.7 percent from last quarter to $8,538,746 and the median sales price also increased by 13.6 percent to $6,250,000. The number of sales (52) was down 8.8 percent and days on the market significantly dropped from 336 to 186 - a 44.6 percent decrease.

The North Fork saw the highest third quarter sales in over a decade, and a decrease in inventory didn't deter buyers. After nine quarters of growth, the median sales price fell 0.2 percent to $515,000. The listing inventory dropped a dramatic 23.4 percent to 472, but the number of sales increased by 19.9 percent to 199 and houses were on the market for a shorter time period - from 157 days in the second quarter to 118 days in the third quarter.

Nicole is the Editor-in-Chief of Hamptons.com where she focuses on lifestyle, nightlife, and mixology. She grew up in the Hamptons and currently resides in Water Mill. www.hamptons.com NicoleBarylski NicoleBarylski

Related Articles:

Be the first to comment on this article. (Just fill out the form below)

Submit Your Comment

Please note, you are not currently logged in. Your comment will be submitted as a guest.
To submit your comment as a member, please click here.
Your Name:
* Comments will be reviewed and posted in a timely fashion
* All fields are required
What color is a firetruck?
(For spam prevention, thanks)
East End Tick Control
The East End's only New York State licensed dedicated tick and mosquito control specialists!

Advertise on Hamptons.com - Have your business be seen by over 2 million viewers including NEW searches
Hamptons.com- Our exclusive online magazine has 2.6 million Page Views YTD for 2015. Contact us to join our elite group of clients that benefit from having a presence on the Hamptons award winning publication www.Hamptons.com

Hamptons Carpet One Floor & Home
We pay less,and so do you.With over 1,000 stores in our buying group, we can get the lowest prices from the best flooring manufacturers — and pass the savings on to you.Visit our other locations: Hamptons Carpet One Floor & Home, 675 North Sea Road,Southampton, NY 11968

Hampton Coffee Company is dedicated to making sure you have the best possible experience with our brand, whether you visit one of our cafés, our Mobile Unit, one of our wholesale partners, order through our website, or purchase our coffee on the supermark
We strongly believe that one of the most important parts of being a successful business in the community is truly becoming a part of it. Hampton Coffee Company is proud to support more than 100 different local charities, schools, and organizations each and every year. It is our pleasure to participate in events that are important to our staff and our customers.

RJD Gallery specializes in contemporary art with a focus on Magical, Figurative Realism, Narrative Portraiture and Urban Landscape.
We exhibit representational artists from around the world, who produce fine art of exceptional quality that challenge collectors to contemplate concepts about the artist, themselves, and our human experience. Utilizing timeless techniques in creating their drawings, paintings and sculptures, our artists have developed unique, signature styles that present a current vision of our world.