Press Release: January 17. 2014
Town & Country’s 4th Quarter Home Sales Report demonstrates a solidly recovered market. Eight of the twelve individual markets monitored by Town & Country reported increase in the Number of Home Sales, one remained unchanged, and three saw declines.
The Southampton Village market, simply put, exploded in the 4th Quarter. The Number of Homes Sales doubled year-to-year from 16 to 31, and the Total Homes Sales Volume increased 200% from $55M to $167M. Slide your finger across the 7 different price ranges monitored by Town & Country and you see the reason for the exponential increases was growth in the elite price range of $10M and up, which went from 1 to 4 sales, and the $5M to $9.99M, which went from 3 to 7 sales year to year, or a 133% increase. It’s crystal clear Southampton Village wears the crown!
Southampton Area ( which includes North Sea) realized the greatest increase in the Median Home Sales Price with a 36% increase from $620,000 to $844,772.
One glaring surprise is the other crown jewel of the Hamptons which is East Hampton Village. East Hampton Village realized the greatest pull back year to year. In East Hampton Village the Median Home Sales Price was $4.5M in 2012 4th Quarter – this year, the last 3 months showed a Median Home Sale prices of $2.45M. Now keep in mind, in 2013 Southampton Village Median Home Sales Price for this same quarter was $2,547,500 and Bridgehampton (which includes Water Mill and Sagaponack) Median Home Sales Prices is the highest and $3,087,500. Bottom line, the year to year analysis is important to chart individual markets and their specific activity, but the actual numbers have significance.
Looking at All Hampton Markets Combined and clarity sets in. The Hamptons Markets are enjoying heightened activity: with more sales: 432 in 4th Quarter 2013 from 356 in 2012 or a 21% increase. This pushes up the Total Home Sales Volume by nearly 6% to $816M, but the Median Home Sales price is almost unchanged from $975,000 to $950,000. The price range with the most Number of Sales and year over year increases is $500K- $999K. My concern here is there’s little inventory as replacement inventory is slim.