414 Great Plains Road in Southampton Village was among properties sold during Q1. (Courtesy Photo)
For the 16th consecutive quarter, the Long Island median sales price has continued to increase, rising 4 percent to $384,890, according to The Elliman Reports: Long Island, Hamptons & North Fork 1Q17. 2017 saw the most first quarter sales in 14 years with 5,754 sales and listing inventory dropped 21.4 percent to 10,796, which is the lowest quarterly inventory recorded in more than 15 years.
In the Hamptons, even though there was less inventory available, expanded negotiability led to an 8 percent increase in the number of Q1 sales to 472, however the market remains "soft at the top."
"We have seen extraordinary sales in Westhampton and Hampton Bays," noted Scott Durkin, Chief Operating Officer of Douglas Elliman. "Oceanfront Hampton Bays and Westhampton properties are trading at a fast pace as the buyers have realized that this is a much closer trip from the City and that they cannot pass up the incredible values as compared to further east properties from Bridgehampton to Amagansett."
In the luxury Hamptons market, the average sales price dropped a staggering 24.1 percent from $8,811,964 (Q1 2016) to $6,691,021 (Q1 2017). The median sales price declined by 5.9 percent from $5,500,000 (Q1 2016) to $5,175,000 (Q1 2017), but the number of sales slightly increased, from 45 (Q1 2016) to 48 (Q1 2017). Listing inventory was also up, from 252 (Q1 2016) to 263 (Q1 2017).
"The buyers have come out strong in all prices from $1 million to $5 million," he explained. "The overall feeling has been that there is no better time now to buy and the inventory is shrinking in all categories below the $5 million price point."
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