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Hamptons Real Estate Shows Strong Growth In Third Quarter

George Simpson

Offered for the first time in over thirty years, this historic Gin Lane oceanfront estate is the ultimate private and luxurious retreat. Sold twice by Timothy G. Davis of The Corcoran Group in one year, turn over like this is an example of the volatility of the Hamptons market. (Courtesy Photo)

According to George R. Simpson, President of Suffolk Research Service, Inc., the real estate market on the East End of Long Island is showing a healthy trend.

For single family residences, two of the three market indicators are up 3rd Qtr 2014 over 2013. Median Price is up 5.6 %, Dollar Sales up 4.7%. Unit Sales are down 1.2%, over 3rd Qtr 2013 figures, but up significantly over 3rd Qtr 2012.

Median Price changes for the 3rd Qtr 2014 vs 3rd Qtr 2013 were up in four of the five East End towns: to $837,336 in Southampton (up 7.4%), to $1,050,000 in East Hampton (up 17.3.9%), in Southold to $480,000 (up 11.9% from 3rd Qtr of 2013), and to $1,155,000 in Shelter Island (up 52.0%) on sales of 14 units,
not statistically significant. Riverhead Median Prices were down in 3rd Qtr 2014, to $338,880, 3.2% below 3rd Qtr 2013.

Unit sales increased in 2 of the 5 East End towns, Southampton and Southold, 3rd Qtr 2014, compared to 3rd Qtr 2013. Unit Sales of single family homes in East Hampton, Riverhead and Shelter Island were down in 3rd Qtr 2014 vs 3rd Qtr 2013.

Residential Vacant Land (land use code 311) Dollar Sales were up 86.3% in 3rd Qtr 2014 over 3rd Qtr 2013, 126 parcels vs.97 parcels a year ago. Median price of Vacant Land was down 2.5% over the same period.

George Simpson is the President of Suffolk Research Service, Inc., a division of Office Management Systems Corp (OMS). OMS specializes in software products for Real Estate professionals. Most notable is their Appraise@ software. www.suffolkresearch.com

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