The Real Deal New York

High-end Hamptons market kept prices afloat in 2011

January 20, 2012 03:30PM

A windmill in Sag Harbor

Buyers returned to the high-end of the Hamptons market in 2011, while activity on the low-end dissipated, according to a year-end market report released today by Town & County Real Estate. The report comes four days after the firm’s fourth quarter report, which showed the exact opposite trend: sales at the lower end of the market increased 21 percent over the fourth quarter. 

One hundred and fifty homes sold for at least $3.5 million last year, an 8.7 percent increase over 2010. But the number of sales worth less than $500,000 plummeted 39.2 percent, and the number of sales recorded for between $2 million and $3.5 million tumbled 19.7 percent. There were more modest, 8.3 percent and 13.7 percent, drops for the $1 million to $2 million range and the $500,000 to $1 million range, respectively.

Overall, sales fell 6.4 percent over the year. And even though the median sales price decreased slightly — by 1.1 percent to $900,000 — total dollar volume actually inched up 0.2 percent to $2.42 billion, thanks to the increased activity in the top sectors.

The only Hamptons submarket that experienced growth in sales volume, dollars volume and median price was Bridgehampton, which includes Water Mill and Sagoponack. There, activity rose 5.5 percent to 172 sales, dollar volume jumped 26.2 percent to $700 million and the median sales price gained 13.3 percent to $2.6 million. — Adam Fusfeld

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