East End sales, prices down in 2nd Q

By Jovana Rizzo | July 30, 2008 12:17PM

Sales and home prices in the Hamptons and North Fork were down in the second quarter, according to Prudential Douglas Elliman’s second quarter report prepared by Miller Samuel.

In the Hamptons, the median price of $970,000 was 11.8 percent lower than last year’s $1.1 million, but a 9.9 percent increase from the first quarter’s median of $882,500.

Sales volume was down 26.2 percent from last year to 352, but up 12.8 percent from the prior quarter.

While the Hamptons saw losses over the past year, the North Fork flourished. The median price was up to $605,000, a 17.8 percent increase from last quarter, and a 13.1 percent increase from last year’s median of $535,000.

“I think the reason why we saw a jump in price levels was the greater volume of high-end sales within the North Fork market,” said Jonathan Miller, CEO of Miller Samuel, who also called the North Fork’s second quarter numbers “an anomaly.”

Sales increased dramatically on the North Fork, rising 114.8 percent between the first and second quarter and 28.6 percent from last year.

“There are contradictions in the numbers because inventory is trending up, but at the same time sales activity has increased,” Miller said. “It doesn’t match my expectations. On the front lines I don’t think there is any expectation that prices are rising on the
North Fork.”

Overall for the East End, median prices and sales were down compared to last year, but up from the first quarter of 2008.

The median sales price was $817,500, down 9.2 percent from last year’s median of $900,000, but up 3.5 percent from last quarter.

Sales increased 35.3 percent between the first and second quarters, but remained 13.3 percent below last year’s 624 second quarter sales.

The overall luxury submarket, which is the highest 10 percent of sales, saw the median price increase 10.3 percent from last year to $4,412,500, and sales were down 11.5 percent.

Condos saw prices increase, but sales decreased from last year’s second quarter. The median price was up 40.1 percent to $532,500. Sales fell 25 percent.

Homes took an average of 143 days to sell, up 18 percent from last year.