"We had a very strong third quarter on the East End this year," explained Ernest Cervi, The Corcoran Group Regional Senior Vice President, East End, and Licensed RE Broker, about Corcoran's Q3 East End Market Report.
"There were 16 transactions over $10 million, and Corcoran participated in 50 percent of them," he noted. The average sales price for the luxury Hamptons market increased by five percent, from $7,825,000 to $8,204,000, while the median price slightly decreased, with a one percent different to $5,643,000. The number of sales was up by two percent, from 59 to 60, and sales volume grew by two percent, from $461,646,000 to $492,229,000.
Numbers were down across the board for the luxury North Fork market, which saw a two percent decrease in average sales price, from $1,676,000 to $1,640,000, and the median price dropped by 26 percent, from $1,510,000 to $1,120,000. The number of sales was down by six percent, from 17 to 16, and sales volume fell by eight percent, from $28,497,000 to $26,237,000.
On the South Fork, the average sales price was up by six percent, the number of sales increased by two percent, and sales volume grew by eight percent. Quogue Village sales increased a whopping 85 percent since last year and Southampton sales were also significantly up, growing 42 percent year-over-year.
"Our inventory is the lowest it's been since we started the Corcoran report on the East End - under 6,000 units - which shows the strength of the market," he reflected. "Our agents are very confident that the activity we're seeing now will continue into the fourth quarter."
While sales on the North Fork slightly declined, by three percent from 167 to 162, sales volume grew by four percent. For the fifth consecutive quarter, inventory dropped with an 11 percent decline, from 6,743 to 5,998.
"We are also seeing a strong appetite for condominium product, which shows that people want a carefree lifestyle with amenities in the Hamptons," Cervi said. "We have a lot of interest in both projects that are currently on the market with Corcoran; Southampton Pointe is 55 condominium residences, and Harvest Pointe on the North Fork is 124 condominiums for residents 55 and over, which is being well-received."
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