According to reports by Long Island Profiles  for the 4th Quarter 2006, the average sales price for a property in the Hamptons has cracked the $1.5million mark.

This average is for all properties reported closed by Suffolk County to LIProfiles during the September-December time period and includes residential and commercial properties as well as land purchases. The average is up 16% from the $1.3million average reported during the same period in 2005. The actual number of transactions is down aproximately 29% from thew same period a year ago, according to these early reports.

Note that these figures are "reported" during this period and due to the lack of current record keeping practices and an MLS system that most of the major brokerages in the market are not members of, it usually takes between 45 - 60 days for actual figures to be compiled and released.

I use the average figure, because I have yet to have anyone I know convince me that "median" figures are relevant to the masses. Sure, economists use them and keep comparing them to previous "medians", but for the average person, explaining what "median" is is like explaining how to program the clock on the first VCR.  Imagine if we started keeping batters "medians" instead of averages. Or, quick, tell me how many liters are in 5 gallons.

Can't we all just be relevant? md