Archive for the 'Home Sales' Category

TOWN & COUNTRY HAMPTONS 6 YEAR HISTORY HOME SALES REPORT

Tuesday, February 16th, 2016

In 2005 TOWN & COUNTRY published the first of a series of multiple year Home Sales Reports.

In the last report of 2010, we witnessed the best and the worst of sales activity. 2009 saw only 1,094 homes closed title, the least since I have been reporting on market activity. Conversely, 2005 hit the high watermark with 2,544 home sales. Total Home Sales Volume, which is driven directly by the high end, had its best performance in 2007 with over $3.8 billion changing hands. That was then, this is now.

Fast forward to this 6 year study, and clearly 2005 remains the high water mark for the Number of Home Sales. The Total Home Sales Volume ran a 7 year cycle with 2014 closing nearly $4.7 billion, while 2007 saw just over $3.8 billion sold.

One notable, and interesting statistic, is that for the past 10 years the Median Home Sales Price bounced around the +/- $900,000 range with a low of $849,500 in 2005 and a high of $999,000 in 2007, followed closely by 2015 at $997,500. This statistic is much lower than market examples in many locations.

Evaluating the 12 individual markets monitored by TOWN & COUNTRY and you will see that these individual markets move independently in many ways, yet yield a definitive trend reflective of the health and stability of the overall economy, but mostly the equity markets.

To view the full report visit TownAndCountryHamptons.com/Reports.

HAMPTONS TOP 10 MOST EXPENSIVE SALES OF 2015

Tuesday, February 16th, 2016

2015 closed out the year with a solid performance on the high end. But, 2014 remains THE BEST YEAR for high end real estate sales — shattering all prior ceilings with Barry Rosenstein’s purchase of Andrew Gordon’s estate from his partner, Chris Browne at $147M. The combination of 62 Further Lane, East Hampton at a total price of $97M plus 2 contiguous lots totaling $50M yields the $147M dollar total. That record sale unseated the prior high water mark set in 2007 when Ron Baron bought the deMenil Carpenter property also on Further Lane in East Hampton at $103M.

So while the 2015 top slots don’t come close to those record sales, the 10th spot was held at a respective $23M for 377 Jobs Lane in Bridgehampton.

In keeping with past Top 10 Most Expensive Sales reported by TOWN & COUNTRY, 9 of the 10 sales were waterfront with 7 of the 9 being oceanfront. The hamlet count was fairly consistent with Southampton logging in the most at 4, Bridgehampton with 2, East Hampton with 2, and Montauk with 1.

East Hampton once again takes the crown with 226 Further Lane at $57.3 M.

To view all Top 10 Most Expensive Sales visit TownAndCountryHamptons.com/Reports.

2015 HOME SALES POISED TO REACH 2007 LEVELS

Wednesday, November 4th, 2015

The National Association of Realtors September report confirmed what Realtors across the United States have been experiencing. Existing home sales climbed to a seasonally adjusted rate of 5.55 million or 4.7% — a huge gain of nearly 8% over 2014!

This spike made up for some of August’s soft spots. We suspect the stock market’s wild ride in August set the stage for the August weakness. However, the September spike was a welcome sign that the home sales in 2015 nationally are on target to hit levels not seen since the crash. The American Dream is alive & well! Yet there are a few rain clouds in the sky…

First time buyers seem to have lost some strength with logging 29% of all sales vs the 32% in August. We will be watching this to see if it is a trend or an anomaly. First time home buyers are significant players as they ear mark future demand.

Let’s seek to the Home Affordability Index at year’s end for more insight.

TOWN & COUNTRY NORTH FORK 3RD QUARTER 2015 HOME SALES REPORT

Tuesday, October 20th, 2015

TOWN & COUNTRY’S Judi A. Desiderio has been reporting on North Fork Home Sales statistics for over 20 years. This 3rd Quarter Home Sales Report epitomizes why Judi always states “The numbers don’t lie. Individual agents and companies can have record quarters, but individuals don’t make the market.” This is a true eye opener for the amount of RED throughout the report. This is a big surprise since the TOWN & COUNTRY offices are reporting 3rd Quarter sales growth in all markets. In fact, 2 markets more than doubled.

All 4 markets monitored by TOWN & COUNTRY saw dramatic decreases in the Number of Home Sales with Orient (which includes East Marion and Greenport) dropping the most – 47% from 34 sales to 18 year over year.

Southold (which includes New Suffolk and Peconic) realized a 51% plunge in Total Home Sales Volume from $29M to $14.3M.

Jamesport (which includes Aquebogue, Baiting Hollow and South Jamesport) and Orient (which includes East Marion and Greenport) experienced increases in their Median Home Sales Price. Orient by as much as 11%.

Looking at All North Fork Markets Combined and the RED straight across the boards is glaring! All three criteria and all 6 price ranges monitored by TOWN & COUNTRY posted declines by as much as 35.5% in Total Home Sales Volume year over year, with the high end suffering the worst.

Doing a year over year analysis may not give the full and comprehensive picture. To illustrate let’s look at the 3rd Quarter 2013 and we see comparable figures as 2015. Thus the conclusion that 2014 was a banner year would be most correct. 

Click HERE for full report & statistics.

TOWN & COUNTRY HAMPTONS 3RD QUARTER 2015 HOME SALES REPORT

Monday, October 19th, 2015

TOWN & COUNTRY’S Judi A. Desiderio has been reporting on Hamptons Home Sales statistics for over 20 years. This 3rd Quarter Home Sales Report epitomizes why Judi always states “The numbers don’t lie. Individual agents and companies can have record quarters, but individuals don’t make the market.” This is a true eye opener for the amount of RED throughout the report. This is a big surprise since the TOWN & COUNTRY offices are reporting 3rd Quarter sales growth in all markets.

Doing a year over year analysis may not give a full and comprehensive picture. The 3rd Quarter of 2014 was a statistical rocket where all markets monitored by TOWN & COUNTRY saw gains — in fact, 5 markets doubled in the Number of Home Sales 3rd Quarter 2014. The 2015 3rd Quarter Report demonstrates a pull back from the heightened activity of 2014. 8 of the 12 specific markets saw a decline in the Number of Home Sales and all but one market – Sag Harbor Village – saw declines in Total Home Sales Volume. 

Sag Harbor Village was the one shining beacon of the report, as it was the only market that was in the BLACK for the 3 criteria which TOWN & COUNTRY monitors: Number of Home Sales, Total Home Sales Volume and Median Home Sales Price.

Montauk experienced a steep decline of 60% less Home Sales and the greatest drop in Total Home Sales Volume of 65%. Who would have guessed that?

Westhampton (which includes Remsenburg, Westhampton Beach, East Quogue, Quogue and Quiogue) was on a wild ride for those 3 months with the greatest decrease in Number of Home Sales (64%) and the greatest increase in the Median Home Sales Price (35.4%), statistically speaking.

Looking at All Hamptons Markets Combined, you see all RED except for a 7% tick up in Median Home Sales Price The two ends of the market – high end and low end – suffered the most but for vastly different reasons. Low end is due to lack of inventory, high end is due to the demographic of the buyer wanting to “park” their money in the sidelines for now.

Looking back at 2013 3rd Quarter Home Sales Report and it seems as though 2015 is more the norm and 2014 was a banner year.

To view the complete report visit TownAndCountryHamptons.com/Reports.

TOWN & COUNTRY NORTH FORK MID YEAR 2015 HOME SALES REPORT

Wednesday, August 26th, 2015

The first 6 months of 2015 was a strong performance for the North Fork Markets!

Jamesport (which includes Aquebogue, Baiting Hollow and South Jamesport) was the star with all 3 criteria monitored by TOWN & COUNTRY, solidly in the black as well as the price ranges. The Number of Home Sales rose 18% and Total Home Sales Volume was up +19.3% while Median Home Sales Price gained 13.2%.

Mattituck (which includes Laurel and Cutchogue) posted the most number of sales at 73 closings along with the greatest statistical change of nearly 22%. The Median Home Sales Price for the first 6 months rose 13.2% to $505,000 from $446,250. But due to fewer sales over $2 million, year to year, the Total Home Sales Volume dipped 4.5%.

Southold (which includes New Suffolk and Peconic) also experienced heightened activity with all 3 criteria realizing gains; the Number Home Sales +6%; Total Home Sales Volume +17%, and Median Home Sales Price +1%.

Orient (which includes East Marion and Greenport) was the only North Fork market to see a pull back. The Number of Homes Sales for the first 6 months of 2015 dropped 14.3% from 2014 and Total Home Sales Volume was down 13%; the same time period. But the Median Home Sales Price rose a respectable 12.2% from $430,000 to $482,500, year to year.

Looking at All North Fork Markets Combined and you clearly see a solid first 6 months in sales activity. The Number of Home Sales was up 8%, Total Home Sales Volume +2% + Median Home Sales Price +9.4%. The strong increase in Median Home Sales Volume is a trend we are experiencing on the North Fork as more people come to discover the unique beauty.

To view all reports visit TownAndCountryHamptons.com/Reports.

TOWN & COUNTRY HAMPTONS MID YEAR 2015 HOME SALES REPORT

Monday, August 24th, 2015

The first 6 months of 2015 does not statistically document what most Hamptons Brokers would have expected.

Here at TOWN AND COUNTRY all 8 offices and 150 Associates have reported heightened sales activity in just about every price range. But the statistics show a different first half of the year with 7 of the 12 markets monitored by TOWN AND COUNTRY down by as much as 22%. Only 3 markets showing increases in the Number of Home Sales, Southampton Area (which includes North Sea) + 16%, Westhampton (which includes Remsenburg, Westhampton Beach, East Quogue, Quogue and Quiogue) +8% and East Hampton Area +7%, East Hampton Village and Sag Harbor Village were both unchanged.

Looking at Total Home Sales Volume, again 7 of the 12 markets were down by as much as -54% on Shelter Island. In fact our darling Shelter Island seems to have experienced the deepest pull back. All 3 criteria monitored by TOWN AND COUNTRY declined on Shelter Island, in so far as, the Number of Home Sales dropped the most at -22% and Median Home Sales Price took a slight dip at -2.65% from $790,938 to $770,000, year to year.

Westhampton (which includes Remsenburg, Westhampton Beach, East Quogue, Quogue and Quiogue) on the other hand, was a strong performer, with the Total Home Sales Volume record of the report at +36% from $166,133,588 in 2014 to $226,024,167 in 2015 and a 35% leap in Home Sales Price from $747,000 to $1,009,450.

Southampton Village took the crown for Median Home Sales Price gain at 44% from $1,668,750 in 2014 to $2.4 million in 2015. But in East Hampton Village the Median Home Sales Price for the first 6 months of 2015 was an impressive $3.1 million.

Bridgehampton (which includes Water Mill and Sagaponack) closed the most sales over $10 million –there were 11 in the first half of this year.

Looking at All Hampton Markets combined and the report is more in keeping with the sentiment from the boots on the ground. While the Number of Home Sales was nearly unchanged, the Total Home Sales Volume was up 6% and Median Home Sales Price up nearly 3%. Not as strong as we would have expected but a solid mid year report. 

To view the complete report visit TownAndCountryHamptons.com/Reports.

THE SKINNY ON HAMPTON RENTAL MARKET

Thursday, August 6th, 2015

Those of us in the business hear it every day… “so what’s really happening to the summer rental market?” Good question with a multifaceted answer. First let’s look at the past. 35 years ago when I began my career in real estate in the Hamptons, there were no cell phones, no computers, we had our rentals on index cards and the majority of the rentals we did were M-L. Or to the rest of the world “Memorial Day to Labor Day”. On a rare occasion there was an August or maybe a July rental, but the rule was for summer rentals. Many rental properties were owned by the same guy… or gal. Tenants paid the expenses and there were very few problems. People came out east for R&R to enjoy the natural beauty. To fish and play golf. To gather with friends at dinner parties and just a few times each season there would be a big social event.

Now, let’s fast forward to today. What has changed? Well everything, almost. With cell phones, computers, the internet and an entire generation craving immediate gratification, R&R is no longer the driver. Couple that with the change in our hamlets. We went from quaint Ma & Pa shops to big box stores and Main Streets that close down for 9 months of the year. Additionally, every weekend there are several, major, social events, fund raisers, shows, parties. No down time. The Hamptons vacation became about social events. They became all about weekends or a week or so at a clip. 

Memorial Day through Labor Day is now the exception; July or August even take a back seat to short terms.

The Great Recession was the beginning of the end of full season rentals, as that severe correction changed the way people spend money. One thing that hasn’t changed though is the demographic of our clients, they are mostly from Manhattan and work in finance. The summer after the crash we saw families sharing rentals and the huge shift toward short term rentals. Now there are uber sites which push weekly rentals, again accelerating the short term rental market. This shift toward short term rentals contributes to overcrowded roads and congestion as there’s no slack time. Every home is maximally occupied.

Another important factor contributing to this year’s down rental market is that sales and rentals have always been inversely related and sales have been quite strong for the past few seasons.

Will the seasonal Hamptons Summer Rental Market be back? Where else can you rent a home worth $8,000,000 for just $200,000, for the best 3 months of the year and not have to pay taxes, insurance and maintenance. It’s the best vacation bargain I know. And if you take a home for the summer it’s ok to miss a rainy weekend here or there.

After all there’s always next week!

Judi A. Desiderio, Chief Executive Officer
JD@TownAndCountryHamptons.com 
631.324.8080  ext: 221

US HOME SALES MARKET CONTINUES ITS ASCEND

Wednesday, July 8th, 2015

Several months back I blogged about how the housing market was going to be the main driver for the US economy, and fortunately for every homeowner, this has come to fruition.

 

NOW LET’S HEAR FROM THE EXPERTS!

 

The National Association of Realtors reported that sales of existing homes in May increased 9.2% from the same month for the prior year and new home sales soared 20% from a year ago to the highest level in 7 years!

 

Last month’s S&P/Case- Shiller Home Sale Price Index Report of March 2015 posted a 5% gain year over year. In Addition the April data released June 30th reported the 20 city index increased 4.9% year over year with a 1% gain month over month.

 

All 20 cities that made up the composite, increased in April before seasonal adjustments, with 12 cities up after said adjustments. “Home prices continue to raise across the country, but the pace is not accelerated”, quoting David M. Blitzer, Managing Director & Chairman of the Index Committee at S&P Dow Jones Indices. S&P/Case-Shiller Composite are a 20 city analysis which is widely referred to for national home prices.

 

First time home buyers made up 32% of all sales in May, a considerable leap from the 27% from the prior year, but still have room to grow back to prior averages. The ability to qualify for mortgages is an important factor in this environment as is rate increases. Consensus is that interest rates will rise in 2015 after being held at near zero rates, but the increases are expected to be at digestible amounts. 

 

All things considered, a continued slow and steady ascend looks to be the trajectory of the US Housing Market for 2015.

 

Judi A. Desiderio, Chief Executive Officer

JD@1TownandCountry.com                

631.324.8080 ext. 221