[Stable and Sandy] 1Q 2012 Hamptons/North Fork Sales Report

Posted by Jonathan J. Miller -Thursday, April 26, 2012, 2:36 PM
3 Comments

We published our report on Hamptons/North Fork sales for 1Q 2012 this morning.   I’ve been authoring this report series for Douglas Elliman since 1994.

Here are some takeaways:

Overall housing prices (median sales price up 1.2% ) continued to show stability.The luxury market showed larger year over year increases in the price indicators than the overall market.Number of sales were up nominally from same period last year (0.5%).Listing inventory is down sharply year over year (down 17.5%) – home sellers are more cautious about entering the market (ie sales flat but inventory falling).Properties taking somewhat longer to sell and there is a little more negotiability on price between buyer and seller (days on market and listing discount expanded)Despite strength in prices at high end, we saw an uptick in market share of sub-million sales – the decline in mortgage rates and warm weather brought buyers out sooner.

Here’s an excerpt from the report:

Median sales price edged up 1.2% to $630,000 from $622,500 in the prior year quarter. Average sales price increased 17% to $1,437,597 from $1,228,857 over the same period, largely due to continued strength at the upper end of the market. In the median sales price by quintile analysis, the fifth quintile increased 24.8% yearover- year, while the remainder of the market segments showed modest change and mixed results over the same period…

I’ve got a tool to build custom data tables and view charts on the market.

View the original article here