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..."STAT OF THE DAY" PROVIDED BY MILLER SAMUEL, INC

By
Real Estate Agent with Douglas Elliman Real Estate 30HA0800896

Well, the Hamptons made the news today--big time....The New York Observer reported in their " Stat for the Day" REALESTATE column, the official 1Q 08 sales figures for The Hamptons and The North Fork of Long Island, NY.

Miller Samuel, an independent residential real estate appraisal and consulting agency, released their analysis for the first quarter of 2008, and it was quite something:

1st QUARTER 08 HAMPTONS/NORTH FORK MARKET OVERVIEW

The most striking characteristics are the rise in price indicators within the top 20% and the decline in overall number of sales. The market has changed from one of price growth equally distributed across most segments of the market just a few years ago to PRICE GROWTH CONCENTRATED AT  THE HIGH-END. The lower level of sales activity is largely attributable to the declining national economic climate, tighter credit and a weaker employment picture in New York City financial services sector.

Average Sales Price

= $1,728,610

*Up 16.2% over prior quarter

*Up 16.8% over prior year quarter

Median Sales Price

= $790,000

*Down 1.3% from prior quarter

*Up 1.9% over prior year quarter 

Number Of Sales

= 400 units

*Down 34.7% from prior quarter

*Down 41.4% from prior year quarter

Days On Market

= 184 Days

*Up 10.6%over prior quarter

* Up 32.5% over prior year quarter

= Listing inventory

= 1,848 Units

 

* Up 5.8% over prior quarter

* Up 25.5% over prior year quarter

So, even with the drop in unit sales for the East End and the North Fork, a modest gain was seen in both the median and the average price indicators for 1st Quarter, year over year. The average sales price was $1,728,610 this quarter, up 16.8% above the prior year quarter, the second highest quarterly average sales price after the third quarter of 2007, which had an average sales price of $1,805,104.

 

 

Comments (4)

Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Paula,

I hope you had your share of those listings/sales!  Too rich for my blood.  LOL

Mike in Tucson

May 09, 2008 04:21 PM
Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...A Local Expert in all The Hamptons

Hi Mike,

Actually, I had the worst year ever in my 15 years in real estate...we have so many agents here that it is insane to try to do business. I do have a good roster of buyers and sellers though, and they are starting to return. There is a lot of money to be spent even though the business looks weaker; these are savvy buyers and they don't want to be losers when it comes to buying their second homes.....you can understand that, no??? :)

May 10, 2008 12:43 AM
"Tommy" Decebal
HomeSpector Inc. 516-851-5833 - Farmingdale, NY
Adamescu Long Island NY MASTER Home Inspector

Hi Paula,

Happy Memorial Day and best wishes.

Tommy

May 23, 2008 06:55 PM
Anonymous
Anonymous

Thanks Tommy--same to you!!

May 24, 2008 03:40 AM
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