The much anticipated 1st Quarter TOWN & COUNTRY Home Sales Report is hereby released.
WASHINGTON, D.C. – April 23, 2013 – (RealEstateRama) — While there are some shining stars, the report has quite a bit of red ink. Keep in mind the 1st Quarter of closed sales reflects the business — or deals — of the prior quarter due to the time lapse between making a deal and sitting down to the closing, then having the closing documents recorded. That said, this report reflects the sales activity from the 4th quarter of 2012 — Hurricane Sandy hit our entire region disastrously and obviously interrupted lives and businesses, including real estate on the East End.
Shelter Island, statistically, has the greatest percent ascent in both the Number of Home Sales and Total Home Sales Volume, at 50% and 118% respectively. That though is simply statistical, since the Number of Home Sales rose from 6 to 9 and the Total Homes Sale Volume from $3.14M to $6.85M — not a lot of data to analyze. Looking at Bridgehampton (which includes WaterMill and Sagaponack) you see a whopping $98.7M Total Home Sales Volume— now that’s impressive. And a 40% increase in home sales $5M – $9.99M. Those 7 sales in 1st Quarter 2013 account for all the sales in that price range for All Hamptons Markets Combined.
Montauk remains a rising starlet, with increases of 41% in the Number of Home Sales from 17 to 24 and a 52% increase in the Total Home Sales Volume from $16.8 M to $25.5M — it’s time to get out your surfboards and head east to The Point!
Southampton Village experienced the greatest pullback, a 73% drop in the Number of Home Sales from 15 to 4 and a dramatic 86% loss in Total Home Sales Volume from $49M to $7M. In my professional opinion, this is simply a blip on the radar screen. Southampton Village has always been one of the East End’s crown jewels. In fact, looking at the Median Home Sales Price, Southampton Village more than doubled from $800K in 2012 to $1.625M in 2013, although still far off from its high water mark, but Southampton Village coming back.
Viewing All Hamptons Markets Combined, in the 7 different price categories monitored by TOWN & COUNTRY, and we see the greatest gain was in the $2-$3.4M price range at 41% from 22 sales in 1st Quarter 2013 to 31 same period 2013.
The good news is the next quarterly report will look completely different. All 8 TOWN & COUNTRY offices and associates are busier than ever in 6 years — these appointments will result in sales which will be closed and recorded over the next 2 quarters.
To view all reports visit 1TownandCountry.com/reports.
Judi A. Desiderio, CEO