Second-quarter housing reports for the South Fork are in, and the verdict is mixed.
Although the average sales price rose 2.5 percent to $1.57 million from the same quarter last year, the median sales price and the number of sales were down, according to Miller Samuel Real Estate Appraisers on behalf of Douglas Elliman. The median sales price dropped 6.5 percent, from $908,500 in 2014 to $849,000 in the second quarter of 2015. The number of sales took a 15.7-percent dive, from 700 in the second quarter of 2014 to 590 over the same period in 2015.
However, Corcoran’s second-quarter report shows the number of sales on the South Fork barely dropping, from 599 in 2014 to 597 in 2015. The real estate firm also shows a 5-percent increase in median price, from $925,000 in the second quarter of 2014 to $975,000 in 2015.
Going even higher, Town & Country reports that the median homes sales price in the Hamptons bumped up 12.82 percent to $1.1 million from the same quarter in 2014, while the number of home sales reportedly dropped 8 percent, to 433, in the same period last year.
The luxury sector of the market—the top 10 percent of all sales—felt a pinch, with the number of sales in that category dropping 13 percent, to 60 in the second quarter of 2015, according to Miller Samuel. Meanwhile, the sector’s average sales price rose 6.6 percent, from $6.358 million to $6.775 million. The median sales price in the luxury market also inched up 1.8 percent to $5.29 million.
Carey London on Jul 27, 2015