Sales down 41 percent in Hamptons, North Fork

January 26, 2009 09:02PM

Fourth quarter sales in the Hamptons and the North Fork were down 40.8 percent from the previous year, according to Prudential Douglas Elliman’s fourth-quarter report released today, and prepared by appraisal firm Miller Samuel. There were 363 sales in the Hamptons and North Fork in the fourth quarter of 2008, down from 613 in the same period in 2007.

The median price overall was down 13.8 percent to $690,000, and the average price fell .8 percent to $1.474 million. Inventory increased 19 percent to 2,079 homes for sale. Meanwhile, days on the market fell 9.7 percent in the fourth quarter to 150 days.

Similarly, a report released January 19 by East End-based brokerage firm Town & Country real estate showed sales were down 49 percent in the Hamptons in the fourth quarter of 2008 to 179 from 384 in fourth-quarter 2007.

In the Elliman report’s luxury submarket, which consists of the highest 10 percent of all sales in the Hamptons and North Fork, prices increased. The average sales price jumped 7 percent from the same time last year to $6.857 million, and the median price increased 8.4 percent to $4.66 million.

Judi Desiderio, CEO of Town & Country, told The Real Deal that although the area is seeing fewer sales, those being done are in the high-end market.

In Elliman’s luxury submarket, the number of sales fell 41 percent. As in the overall market, inventory in the luxury sector increased 10.3 percent to 385 homes, while the number of days on the market fell 23.1 percent to 153 days. TRD