Hamptons suffers biggest sales drop in 27 years

alternate textJudi Desiderio and one of her listings, a five-bedroom home in Bridgehampton

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Sales in the Hamptons plummeted 67 percent during the first quarter of the year, compared to a year earlier, the biggest percentage drop since  1982, according to Town & Country Real Estate. The median price in the Hamptons fell 28 percent from the same time last year to $698,461, mostly due to a decline in sales of $5 million or more, Town & Country said. As prices fall, buyers are searching for deals and sellers are offering discounts, according to Judi Desiderio, president of Town & Country in East Hampton. “The sellers are keenly aware that if they haven’t sold in a better market, they really need to adjust their prices,” Desiderio said.