Sellers Rush Close In 2012
Hamptons’ first quarter 2013 closings are impacted. Average sales price of $1,305,234 down 13 percent from a year ago.
New York — According to the first quarter market report for single-family home sales on the East end of Long Island released today by Brown Harris Stevens, the number of sales in the Hamptons was down 13% when compared to the first quarter of last year. Both the average and median price on the South Fork decreased. At $1,305,234, the average price was 13% lower than the first quarter of 2012, while the median fell 8% to $750,000.
“Like many markets, we experienced a surge of closings in December due to pending tax law changes. The first quarter numbers reflect the resulting phenomenal activity we experienced at the end of 2012 and in no way indicates a slowing market. To the contrary, this year has been very active with buyers coming out earlier than usual, which indicates to me a strengthening market,” said Cia Comnas, executive managing director of Brown Harris Stevens of the Hamptons. “The rental market has been quite active. Some areas, such as Amagansett and Montauk, report renters coming from the Jersey Shore market although we are not seeing that throughout the Hamptons.”
Report highlights include:
- The North Fork saw a 36 percent drop in the number of sales while both the average and median prices were higher than in the first quarter of 2012.
- Bridgehampton was the only market to see an increase in sales of $4 million and up.
- The average price was down 18 percent from the first quarter of 2012 in the East Hampton market, while the median price rose 31%.
- Both the Sag Harbor market and the Westhampton market experienced an increase in the percentage of sales under $1 million bringing the average sales price down sharply in both markets.