"Overall, we're seeing great improvement with year-to-date volume, up more than 10 percent over 3Q 2016," remarked Carl Benincasa, Regional Vice President of Sales for the Hamptons at Douglas Elliman
Real Estate, about The Elliman Report: Hamptons 3Q17. "While indicators point to a soft high-end market, Elliman has been able to boost overall performance with double-digit gains in both sales price and closings in mid-tier listings such as condos, along with a historically high presence in the high-end market, this year claiming the bulk of the top sales in the region."
This marks the ninth consecutive quarter where inventory declined in the overall market. However, while inventory is disappearing, the "Hamptons middle" ($1 million to $5 million) was the only segment that saw a sales gain. While bidding wars for the overall market increased, that was not the case for the luxury market, but Q3 was the quickest condo marketing time ever recorded.
"Q4 promises to bring more good news with one of our biggest deals having already closed in the quarter and more top-ten-level deals in contract," he noted.
The median sales price in the Hamptons grew 7.9 percent to $890,000, while the average sales price dropped 4 percent to $1,675,998. Properties were on the market for a shorter period of time, from 142 to 132 days and listing inventory declined by 4.4 percent to 1,465.
"The luxury market has seen rising absorption rates and increasing inventory compared with the mid-tier market which has seen close to a 30-percent drop in absorption rate and a 30-percent increase in average sales price," Benincasa said. "This indicates that Hamptons buyers are showing more interest in smaller, more manageable homes."
But, Benincasa believes there's still plenty of sales in the luxury market to be seen. "The market however still seems to have plenty of opportunity for the high end, with more than ten sales over $20 million before the end of Q3," he concluded.
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
Hamptons Carpet One Floor & Home
We pay less,and so do you.With over 1,000 stores in our buying group, we can get the lowest prices
from the best flooring manufacturers — and pass the savings on to you.Visit our other locations: Hamptons Carpet One Floor & Home, 675 North Sea Road,Southampton, NY 11968
CP Complete- Landscape Design & Construction
Paul Guillo And Chris Hall
Two Of The Most Respected Names In The Community
Together, they are partners in CP Complete. They bring their years of experience
and integrity to creating and renovating luxury backyards.
Hamptons luxury real estate specialist for 33 years, Andrea Ackerman offers outstanding expertise in the field.
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.
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.
Calissa is Mykonos in the Hamptons.
Our menu focuses on seafood and Greek dishes such as salt baked fish, seafood pasta and Mediterranean mezze. Our wine list has been awarded The Award of Excellence from Wine Spectator and boasts the largest selection of rosé in the Hamptons. The name Calissa is derived from the brightest constellation in the summer sky.Our sister restaurants in New York are Amali and Bar Marseille, opening 2020 in the Rockaways. Calissa offers private dining spaces for groups from 10 to 300 people. To plan your next wedding, corporate event or gathering, please email firstname.lastname@example.org. 1020 MONTAUK HIGHWAY, WATER MILL
WordHampton Public Relations
We build client revenues and reputations.
Our reputation is built on delivering a strong media presence and, as a result, demand for our clients' offerings, resulting in a positive impact on sales. Successful campaigns start with understanding the goals of our clients and developing a customized strategy that will achieve those objectives.