Log In   ·   Become A Member

Second Quarter Hamptons Real Estate Sales Drop 20 Percent

Nicole Barylski

42 Old Montauk Highway in Montauk. (Photo: www.elliman.com)

During the second quarter of 2016, Long Island saw the highest number of second quarter sales in a decade, but that didn't reflect the Hamptons, where the number of sales indicated its fourth consecutive double-digit sales decline, according to the Douglas Elliman Market Report.

"The Hamptons market is resetting to a more sustainable level of activity after the rapid pace of the previous couple of years," explained Dottie Herman, President and CEO of Douglas Elliman. "Even with the slower pace, second quarter sales volume was 25 percent higher than the 10 year average."

The median sales price in the Hamptons rose 4.3 percent to $975,000, while the average sales price dropped a lowly 0.3 percent to $1,684,243. The number of sales dropped a significant 20 percent to 561 and the time properties spent on the market increased from 165 to 170.

Within the luxury Hamptons real estate market, the average sales price dropped 22.3 percent to $6,847,841. The median sales price saw no change, remaining at $5,500,000, but the number of sales closed improved 26.7 percent from 45 to 57.

It was a completely different story on the North Fork. The area saw its highest second quarter sales since 2008, increasing 4.7 percent to 179. The median sales price was also on the rise, increasing 2.9 percent, marking the 9th consecutive quarter it grew.

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 banana?
(For spam prevention, thanks)
East End Tick Control
The East End's only New York State licensed dedicated tick and mosquito control specialists!

Southampton Masonry-Visiting the Southampton or the Wainscott locations is an exciting experience.
Southampton Masonry has been serving Long Island's masonry and tile needs since 1975. Delivering quality products from Manhattan to Montauk for over three decades. The company's continued success is due primarily to their number one priority: customer satisfaction, with a promise of prompt and courteous service from the professional, knowledgeable staff. Southampton Masonry has the largest inventory on the east end. As direct importers they can offer a large variety of the finest quality products at the most competitive pricing for both your interior and exterior projects.

Southrifty Drug 54 Jagger Lane, Southampton Village
Southrifty Drug is a small, neighborhood pharmacy with limited shelf space, and we have to be very selective about which over-the-counter items we carry. As a result you'll find a no nonsense concentration of very effective, high quality and useful products on our shelves. In this new section, we feature a number of these products that we feel are especially worthy of your consideration.

Burner Law Group, P.C.
Burner Law Group, P.C. are full service elder law attorneys concentrating in the areas of Estate Planning, Trust and Estate Administration and Litigation, Special Needs Planning, Guardianship and Elder Law. Offices in East Setauket‚ NY, Westhampton Beach, NY, and New York, NY.

New York Title Abstract Services, Inc.
We are a title insurance services company dedicated to promptly delivering fully compliant and accurate reports, and title insurance, for residential and commercial real estate throughout New York State. Headquartered in the Hamptons, our professional team has extensive real estate experience and understands the business from all sides including title insurance, legal, sales, governmental, banking, and lending regulations.

Aimee Fitzpatrick Martin, Licensed Associate Real Estate Broker
Considered a West of the Shinnecock Canal expert with a 5-star Zillow ranking, Aimee specializes in the luxury and waterfront markets in Quogue, Westhampton Beach, Remsenburg, East Quogue and Hampton Bays. With exceptional communication skills and a buttoned-up approach to every deal, she is highly skilled in the art of the negotiation process. Understanding the nuances of buying and selling waterfront homes, especially on Dune Road, is a specialty.