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.
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