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.
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Hamptons luxury real estate specialist for 34 years, Andrea Ackerman offers outstanding expertise in the field. Trusted, experienced and successful, Andrea has solidified herself as the go-to broker of the Hamptons and a wholehearted advocate for her clients. A pioneer in the real estate industry on the East End of Long Island, she is driven by her passion for the business. Andrea is based in the Bridgehampton office of Brown Harris Stevens as a licensed real estate associate broker and consultant.
Formerly, a principal partner and Senior Director at Brown Harris Stevens, Andrea now assists in developing their corporate strategy for the Hamptons region, advising other brokers and sales associates, as well as being one of the top producers and listors.
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