[Stable and Sandy] 1Q 2012 Hamptons/North Fork Sales Report

Posted by Jonathan J. Miller -Thursday, April 26, 2012, 2:36 PM
3 Comments

We published our report on Hamptons/North Fork sales for 1Q 2012 this morning.   I’ve been authoring this report series for Douglas Elliman since 1994.

Here are some takeaways:

• Overall housing prices (median sales price up 1.2% ) continued to show stability.
• The luxury market showed larger year over year increases in the price indicators than the overall market.
• Number of sales were up nominally from same period last year (0.5%).
• Listing inventory is down sharply year over year (down 17.5%) – home sellers are more cautious about entering the market (ie sales flat but inventory falling).
• Properties taking somewhat longer to sell and there is a little more negotiability on price between buyer and seller (days on market and listing discount expanded)
• Despite strength in prices at high end, we saw an uptick in market share of sub-million sales – the decline in mortgage rates and warm weather brought buyers out sooner.

Here’s an excerpt from the report:

Median sales price edged up 1.2% to $630,000 from $622,500 in the prior year quarter. Average sales price increased 17% to $1,437,597 from $1,228,857 over the same period, largely due to continued strength at the upper end of the market. In the median sales price by quintile analysis, the fifth quintile increased 24.8% yearover- year, while the remainder of the market segments showed modest change and mixed results over the same period…

I’ve got a tool to build custom data tables and view charts on the market.

• The Elliman Report: 1Q 2012 Hamptons/North Fork Sales [Miller Samuel]
  
• The Elliman Report: 1Q 2012 Hamptons/North Fork Sales [Prudential Douglas Elliman]

3 Responses to “[Stable and Sandy] 1Q 2012 Hamptons/North Fork Sales Report”

1. REIT Joan says:

   April 26, 2012 at 3:12 PM

   I appreciate data that explains the effect of outliers on its “average” findings. Elliman could have just as easily focused on the average increase in market prices as a whole, but instead it highlighted the year over year increases in sale prices in the luxury market. A very informative report.
   • Jonathan J. Miller says:

     April 26, 2012 at 3:25 PM

     Thanks! Much appreciated feedback.
     • REIT Joan says:

       April 27, 2012 at 10:19 AM

       No problem. Your blog is an excellent resource. Keep up the good work Jonathan!