A home in East Hampton
Real estate prices on the East End of Long Island are still down from
the peak, but have improved since last year, according to a market
report released today by the Corcoran Group.
After the Lehman Brothers collapse in late 2008, the East End saw sharp
drops in activity and price. For example, the average Hamptons home
price in the first quarter of 2009 was $1.5 million, down 12 percent
from $1.71 million in the same quarter of 2008.
By contrast, the first six months of 2010 have shown significant improvement.
The average home price in the Hamptons and Shelter Island in the first six months of 2010
was $1.622 million, up 10 percent from $1.477 million in the same
period of 2009, according to the report. The median price was $935,000,
up 34 percent from $700,000 year-over-year.
According to Corcoran’s research using home sales from all firms, there were 923 deals in the Hamptons in the first half of 2010, up 134 percent from 433 in the same period of last year.
The North Fork — the area from Aquebogue to Orient — also saw improved activity, though not as dramatic as in the Hamptons.
tracked 205 homes sales on the North Fork in the first half of this
year, up nearly 50 percent from 138 in the same period of 2009. On the
North Fork, the average sales price was $546,000, down 2 percent from
$558,000 last year, and the median price was $420,000, up 5 percent
from $399,000 in the first half of 2009.