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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

Added: July 21, 2016, 10:25 am
Appeared In: real estate >> real estate news