The Real Deal New York

In Q3, Hamptons sales up, pricing down

On the East End, $5 million-plus market falters

October 15, 2012 05:30PM

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The Hamptons

Sales activity but not pricing surged in the third quarter of 2012, according to Town & Country’s Home Sales report for that period, released today.

Activity rose in 11 of the 12 markets the brokerage tracks, with the number of homes sold overall in the Hamptons up 17 percent year-over-year. But the median home price was down 8.5 percent, with the $5 million and over market plunging 36 percent year-over-year. Total sales volume was up 1.6 percent, the numbers show, as the bulk of activity took place in the range under $2 million.

In East Hampton Village, sales increased most dramatically of any Hamptons submarkets, rising 57 percent year-over-year, though the median sales price fell 40 percent in the third quarter, from $4.85 million to $2.9 million.

The only area to see a drop in sales activity was Sag Harbor Village, where four fewer transfers meant a 40 percent drop compared to the third quarter of 2011.

The White Estate on Old Montauk Highway, which closed for $10.5 million, boosted sales in the Montauk region, where the total activity was more than $25 million — an increase of 60 percent year-over-year.

Median sales prices were appreciably up in only three areas: Sag Harbor Village, Westhampton and Amangansett.

Areas of the Hamptons with attractive school districts and more concentrated downtown areas have seen an uptick in year-round residents of late, as The Real Deal has previously reported. —Guelda Voien

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