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3Q - 2009
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Hamptons & North Fork Market Overviews
Listing inventory expanded 21.5% to 2,419 units from 1,991 units in the prior year quarter and 5.8% higher than the 2,286 units in the prior quarter. The jump in the number of sales over the summer prompted many sellers to return their listings to the market. There were 459 sales in the third quarter, 49.5% more than the 307 sales of the prior quarter and 29.3% more than the 355 sales in the prior year quarter. The number of sales was the highest quarterly total since the second quarter of 2008, when there were 541 sales, but was 56.4% below the record high water mark of 1,052 sales in the second quarter of 2004. Monthly absorption, the number of months it would take to sell existing inventory at the current pace of sales, peaked in the first quarter of 2009 at 34.2 months. The absorption rate fell in the second quarter to 22.3 months and fell in the third quarter to 15.8 months or roughly half the rate of peak, indicating that the pace of sales activity has been faster than new inventory being added to the market.
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2Q - 2009
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Hamptons & North Fork Market Overview
...There were 307 sales in the current quarter, 43.3% below the 541 sales in the prior year quarter but, 52.7% higher than the 201 sales in the prior quarter. The gain in the number of sales from the prior quarter was higher than seasonal norms, reflecting a release in pent-up demand from more limited sales activity at the end of 2008. Over the same period, the number of properties listed for sale continued to rise.
Listing inventory totalled 2,286 properties, 23.6% higher than the 1,849 properties listed during the second quarter of 2008. The expansion of inventory was to be expected due to the decline in the number of sales. As a result of the rise in listing inventory and the decline in the number of sales, the monthly absorption rate‹the number of months to sell all existing inventory at the current pace of sales‹was 22.3 months, more than double the 10.3 month absorption rate average of the prior year quarter...
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1Q - 2009
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Hamptons & North Fork Market Overview
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Q4 - 2008
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Hampton and NorthFork Highlights
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Q3 2008
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Hamptons & North Fork Market Overview
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Q2 2008
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Hamptons & North Fork Market Overview
...The upper price range of the housing
market continues to outperform the overall
housing market. In each of the past four quarters,
the luxury market, defined as the upper ten
percent of all sales, saw a higher year over year
quarterly increase in median sales price than
the overall market. The luxury market increased
10.3% in median sales price and the overall
market declined 9.2% in median sales price
compared to the same period last year. The
market area south of the highway consistently
has the highest overall prices as compared to the
areas to the north and on either side of the canal.
Of the four regions, only south of the highway
saw an increase in median sales price of 1% as
compared to the prior year quarter...
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Q1 2008
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Hamptons & North Fork Market Overview
...Both median and average sales price indicators were above levels reached in the prior year quarter. There was an upward skew in average sales price not seen in the change in median sales price, which was $790,000 up 1.9% over the prior year period median sales price of $775,000. 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.
Besides the rise in price indicators within the top 20% of the market, perhaps one of the more striking characteristics of the East End was the decline in overall number of sales. The lower volume of sales activity is largely attributable to the declining national economic climate, tighter credit and a weaker employment picture in the New York City financial services sector....
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Q4 2007
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Hamptons & North Fork Market Overview
...The average sales price of an East End property was $1,487,161 in the current quarter, up 17.6% from the $1,264,165 average sales price of the same period last year. Median sales price, which generally eliminates price outliers, showed a similar pattern. The median sales price was $800,000, an increase of 14.7% above the prior year quarter median sales price of $697,500. Over the past few years, the year over year pace of price growth in the third quarter has been larger than any other quarter of the year. The higher price levels reached in the third quarter have inferred quarter over quarter weakness going to the fourth quarter...Over the past year, the pace of price increases in the East End has been higher in the luxury sector...
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Q3 2007
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Hamptons & North Fork Market Overview
The average sales price of a residential property in the East End was $1,805,104 this quarter, up 32.7% from the prior year quarter average sales price of $1,360,515 and up 8.2% from the prior quarter average sales price of $1,668,657. The median sales price was $882,000, up 23% from the prior year quarter median sales price of $717,340 but slipped 2% from the $900,000 median sales price in the prior quarter.
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1Q 2006
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Hamptons Market Overview
Values of homes in the Hamptons continue to set records The average sales price of a Hampton residence has once again set a record at $1,712,259, a 19.5% increase over the prior quarter and a 32.4% increase over the prior year quarter.
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Market reports prepared for Prudential Douglas Elliman by Miller Samuel Inc.
Jonathan Miller
President & CEO
Miller Samuel
Real Estate Appraisers & Consultants
About Jonathan
http://www.millersamuel.com
Some reports are PDF files. Adobe Acrobat required.
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