The Hamptons real estate market is on the rebound. After a lackluster 2016, the first two quarters of 2017 have showed significant sales increase, with sales being at their highest level in two years, according to Douglas Elliman
Q2 2017 Hamptons Sales Market Reports.
"Sales activity in the Hamptons has been quite robust after a somewhat lackluster two years, along with a continued decline in inventory. What's most interesting is that we are seeing more sales at the upper end of the market, something that was lacking last year," noted Scott Durkin, COO, Douglas Elliman. "The North Fork showed a similar pattern. Both markets had noticeable improvement."
The median Hamptons sales price increased 5.6 percent to $1,030,000, and the average sales price also grew, increasing by 12.7 percent to $1,898,934. The number of sales increased 22.8 percent to 689, while days on market was 150, down from 170, and listing discount dropped to 12 percent, a .4 percent fall.
"After an underperforming 2016, the first two quarters of 2017 showed a pronounced increase in activity in the Hamptons, with sales at their highest levels in two years," noted Jonathan Miller of Miller Samuel, Inc, the author of the report. "The North Fork mirrored the Hamptons, with the number of sales rising year over year for the fourth time in five quarters. Inventory slipped in both markets, as price indicators moved higher. At the same time, the Long Island market to the west saw rising sales and falling inventory for an unprecedented ten consecutive quarters and the least negotiability in twelve years."
Listing inventory fell 4.1 percent to 1,464. "We're experiencing extremely heavy sales, rising prices and low inventory here on Long Island," echoed Ann Conroy
, President, Long Island Division, Douglas Elliman. "With intense sales volume burning off supply faster than it can be created, prices are rising. There's no question that the Long Island market is booming!"
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