Home sales below $1 million boosted the volume while decreasing the median price on the East End of Long Island, according to fourth-quarter 2011 market reports from Prudential Douglas Elliman and Brown Harris Stevens released today.
Sales in the fourth quarter were higher than expected, holding steady year-over-year, despite the fact that changes in tax rules produced an artificial uptick in the fourth quarter of 2010, Elliman’s Hamptons/North Fork sales report indicates (see chart).The median sales price in the region declined by 7.5 percent to $675,000 in the fourth quarter of 2011 from $730,000 in the fourth quarter of 2010, Elliman’s data indicates. The BHS report also shows a median price drop, by 13 percent, to $842,500.
The number of sales of single-family homes in the Hamptons increased by 3 percent, to 298 from 288 in the fourth quarter of 2010, due to more sales of homes in the under $1 million range, according to BHS’ numbers.
The high end of the market weakened at the end of last year.
There were 26 sales in the $5 million and over range, down from 30 quarter-over-quarter, the Elliman numbers show.
All areas on the East End saw improvements in either sales volume or median price, except for Sag Harbor, which saw a 26 percent drop in median price from the fourth quarter of 2010 $727,500 and Amangansett, which saw a 9 percent dip, to $1.05 million. Bridgehampton in particular saw a sharp median price increase, to $2.84 million in the fourth quarter year-over-year.