Archive for January, 2017

Town & Country 4th Quarter 2016 Home Sales Report

Tuesday, January 17th, 2017

How the mighty have fallen! 

The last 3 months of 2016 were NOT good for the Hamptons real estate markets.

11 of the 12 individual markets monitored by TOWN & COUNTRY experienced declines in the Number of Home Sales with the hardest hit being starlets East Hampton Village with a 46% drop and Bridgehampton (which includes Water Mill and Sagaponack) with a whopping 56% free fall. In turn, these two markets also experienced the worst losses in Total Home Sales Volume with Bridgehampton (which includes Water Mill and Sagaponack) down -70% from $305 million trading hands in the 4th Quarter 2015 to a scant $92 million for the same 3 months a year later, and East Hampton Village sank like a stone by -81% from $120 million to just $22.7 million year to year, 4th quarter.

Enough of the bad news, while the Number of Home Sales and Total Home Sales Volume were both poor performers in the 4th quarter, 2016, the Median Home Sales Price rose in half the markets monitored by TOWN & COUNTRY. In fact, Montauk, which remains one of the hottest markets, experienced a 61% leap in Median Home Sales Price 2015 to 2016 4th quarter from $815,000 to $1.315 million respectively. Prices are obviously going up in Montauk — “simply put, the supply is never going to out weigh the demand since Montauk is surrounded on 3 sides by ocean.”

Looking at All Hamptons Markets Combined and you clearly see activity in Hamptons home sales was pretty much on hold toward the end of 2016, particularly $10 million and up, where there were 14 closings in the last 3 months of 2015 vs. only 5 in 2016. The good news is all 8 TOWN & COUNTRY offices are reporting heightened activity since the election and I predict 2017 will be a much better year than 2016.

To view all reports visit TownAndCountryHamptons.com/Reports.

Town & Country Hamptons Year End 2016 Home Sales Report

Tuesday, January 17th, 2017

The 2016 Hamptons Home Sales Market closed out with a thud. In fact, the full report is covered with lots of RED!

Only 3 of the 12 markets monitored by TOWN & COUNTRY experienced an increase in the Number of Home Sales. Shelter Island had the greatest statistical change of +16%, from 73 to 85, year over year. Westhampton (which includes Remsenburg, Westhampton Beach, East Quogue, Quogue and Quiogue) still logged in the most Number of Home Sales with 318 — a slight difference from 2015’s count of 324.

Bridgehampton (which includes Water Mill and Sagaponack) had the greatest pullback with -27%, totaling for the year only 172 sales, a far cry from 237 in 2015. The Sag Harbor Area (which includes Noyack and North Haven) Total Home Sales Volume shot up 45% from $186 million to $271million year to year. But Bridgehampton (which includes Water Mill and Sagaponack) remained #1 for Total Home Sales Volume with $701million trading hands in 2016, though quite a dip (-32%) from 2015’s impressive $1Billion dollar volume.

Half of the markets monitored by TOWN & COUNTRY realized increases in the Median Home Sales price by as much as 25% in Sag Harbor Village from $1.2 million to $1.5 million, 2015 to 2016. East Hampton Village, on the other hand, sank 37% from $3.8 million in 2015 to $2.4 million in 2016. Looking at All Hamptons Markets Combined and the RED is glaring — losses nearly across the boards. In fact the $10-19.99 million price range dropped 32% year over year.

The good news is 2017 is poised to be a much better year than 2016. All indicators point to increased activity. All 8 TOWN & COUNTRY offices are reporting more inquiries and greater traffic flow at Open Houses.

To view all reports visit http://www.townandcountryhamptons.com/html/marketReports.php