MORE SIZZLE IN THE HAMPTON'S REAL ESTATE MARKET!

By
Real Estate Agent with Douglas Elliman Real Estate 30HA0800896

MORE SIZZLE IN THE HAMPTON'S REAL ESTATE MARKET!...HAMPTON'S MARKET REPORTS ARE SIZZLING! On July 14th I wrote a featured post regarding the unit sales we were witnessing in the month of June here in Southampton Village:SIMMERING SALES IN SOUTHAMPTON VILLAGE, NEW YORK!...An Update On Sales Here:

With most major real estate firms reporting their Hampton's Q2 results for 2012, there is one good strong message: we are seeing a jump in sales that surprises even the most diligent market watchers for the second quarter of 2012! 

Miller Samuel is the accounting firm for Prudential Douglas Elliman and when they release their quarterly report on real estate sales, they are quoted as gospel for the Hamptons housing activity. Below is the link that will take you to the most recent release for second quarter of 2012 for Hamptons and the North Fork of Long Island.

 HNF_Q2_2012_highlights.pdf‎ (646 KB‎)

In short:

  • We had an increase of sales for 2012, Q2 of +77.4% (676 units) over 2012, Q1 (381 units)
  • There were 676 units sold in 2012, Q2, versus 619 units sold in 2011, Q2--a +9.2 increase
  • Median selling price went from $630,000 in 2011, Q2 to $735,000 in 2012, Q2

 BLOOMBERG NEWS:

Hamptons Home Sales Jump to 5-Year High as Luxury Demand Climbs

NEW YORK MAGAZINE TODAY:

Buyers Snapping Up Vacant Land in the Hamptons

 

It appears that The Hamptons is making real estate headlines right now--lets hope that is a bell weather for the rest of the Nation!!!

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Rainmaker
1,676,131
Winston Heverly
Winston Realty, Inc. - Atlantis, FL
GRI, ABR, SFR, CDPE, CIAS, PA

Paula, I don't know about the sizzle up there, I just hope one of your neighbors closes on my short-sale that's been dragging on for 5 months now..

Jul 26, 2012 12:00 PM #1
Ambassador
3,689,433
Patricia Kennedy
Redfin - Washington, DC
Home in the Capital

Paula, when we see numbers that are both more transactions and higher prices, that's a good thing.

Jul 26, 2012 12:17 PM #2
Rainmaker
500,719
Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...A Local Expert in all The Hamptons

Winston: Who is this "neighbor"? I do know that short sales take up to a year or more and rarely take less than that, unfortunately..Good luck with that one!

Jul 26, 2012 12:21 PM #3
Rainmaker
500,719
Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...A Local Expert in all The Hamptons

Patricia: It is good is it not? We are having a very busy season and it looks like it is still heating up!

Jul 26, 2012 12:22 PM #4
Rainmaker
1,865,024
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Very nice to hear. It seems that both coasts are doing well.

Jul 26, 2012 01:51 PM #5
Rainmaker
500,719
Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...A Local Expert in all The Hamptons

Lottie: Good to hear you are doing well too! Let's hope this is the end to the "drought"

Jul 26, 2012 06:44 PM #6
Rainmaker
2,313,312
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Every market has its time. Keep the good news coming. The media needs to get this positive news out there, so the public reads it. Without the public seeing it, it really doesn't mean much.

Jul 26, 2012 07:55 PM #7
Rainmaker
500,719
Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...A Local Expert in all The Hamptons

Joe: You are so right on the mark--the public is drenched with the bad news and we really need to make sure they get the full story--I know there are areas that are NOT doing well but you can not ignore the fact that there are very strong pockets of home sales that we need to watch carefully. These markets, such as the Hamptons tend to be a forcasting or leading indicator for the rest of the nation--If the NAR were to recognize that important factor then the grinding away in the headlines of the all the bad national news would not have such a negative impact on home sales in general.

Jul 27, 2012 03:32 AM #8
Rainer
134,221
Laura Murray
Weichert - Silver Spring, MD
Search Montgomery Co., MD for homes www.MDRealEstateOnline.com

While Metro DC is NOT the Hamptons, we too are seeing a strong upswing in the market.  I assume that "attractive" locations like the Hamptons and Metro DC will be the first to see the recovery.

Jul 27, 2012 04:22 AM #9
Rainmaker
1,343,099
Li Read
Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC
Caring expertise...knowledge for you!

This is terrific news...a marker that all secondary home/discretionary markets need to pay attention to!

Jul 27, 2012 05:15 AM #10
Rainmaker
500,719
Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...A Local Expert in all The Hamptons

Laura: I guess you too are a leading indicator in this tumultuous market! I think it will be interesting to watch as both of  these markets progress..

Sea to Sky: You are so right--and these same people are also buying apartments in the city as if nothing is wrong with the economy!!!

Jul 27, 2012 09:58 AM #11
Rainer
218,050
Kimberley Kelly, SFR, HAFA, GREEN
HK Lane, Christie's International Affiliate, 760-285-3578 - La Quinta, CA
I do Real Estate like I played polo-to WIN!

Here in the Palm Springs Valley of California, we too are "sizzling!".  The Luxury Market has really picked up and the entry level is saturated with buyers, driving the price/sf up about $10/sf over last quarter of 2011. 

Short Sales taking a YEAR????  Short Sales make up about 40% of my business and have for the past 3 years.  I have had 2 that took a year.  Disasterous negotiators was the problem.  Normally, I get them closed in 90-120 days..consistently! 

Jul 27, 2012 11:12 PM #12
Rainmaker
500,719
Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...A Local Expert in all The Hamptons

Kimberely: Matbe it's because there are not many short sales here--but what I understand happens is the banks take an offer and even go to contract with a buyer and if they get a better offer efore ot closes, they take that one and "too bad" for the buyer who had the contract---and they DO get away with it somehow!

Glad to hear your business is sizzling! Good luck to you!

Jul 28, 2012 11:06 AM #13
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Rainmaker
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Paula Hathaway, REALTOR, LBA

...A Local Expert in all The Hamptons
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