Archive for the 'market conditions' Category

Hamptons Real Estate 4th Quarter 2017 Home Sales Report

Tuesday, January 23rd, 2018

The Hamptons real estate markets closed out the year with a BANG for 2017!

All Hamptons Markets Combined clearly proves 2017 blew 2016 away in the last 3 months year over year. There were 105 more homes, or 36% jump in Number of Home Sales and nearly 43% more Total Home Sales Volume. No doubt the East End towns are celebrating the inflow to their CPF (Community Preservation Fund) coffers.

Digging deeper into the statistics and you will see East Hampton Village and Southampton Village once again prove their blue chip status. East Hampton Village statistically logged the greatest increases for both the Number of Home Sales and Total Home Sales Volume (+181%) with a staggering $4,000,000 Median Home Sales Price, which was eclipsed only by Southampton Village which produced a Median Home Sales Price of $4,292,500! Impressive! Southampton Village closed over $145 million dollars in the last 3 months of 2017.

Another top performing market was East Hampton Area (includes Wainscott), closing 92 Home Sales in the 4th Quarter 2017.

All in all 11 of the 12 HAMPTONS markets monitored by TOWN & COUNTRY realized increases or the same Number of Home Sales and 10 of the 12 saw gains in Total Home Sales Volume. A fine way to close out the year.

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

North Fork Real Estate 4th Quarter 2017 Home Sales Report

Tuesday, January 23rd, 2018

The last three months of 2017 were very strong for North Fork Home Sales. With the Number of Home Sales up nearly 20%, from 92 to 110 year over year, and Total Home Sales Volume up 13%, there’s much to cheer about!

Looking further at All North Fork Markets Combined and we see the greatest statistical jump was in the $1-$1.99M price range which exploded by 71.4%. All told though 97 of the 110 Home Sales occurred under a million and the Median Home Sales Price for the 3rd Q 2017 was 531,500, slightly higher than 2016 same quarter.

Delving deeper into the statistics and you clearly see Southold (which includes New Suffolk and Peconic) is the best in class with a staggering 62% more in Number of Home Sales and 54% greater Total Home Sales Volume 2017 compared to 2016, 4th quarter, yet Median Home Sales Price remained relatively stable.

Jamesport (which includes Aquebogue, Baiting Hollow and South Jamesport) performed incredibly well with 42% more Home Sales and 42% greater Total Home Sales Volume with the Median Home Sales Price up 23%!

Mattituck (which includes Laurel and Cutchogue) had the highest Median Home Sales Price of $595,000.

Conversely Orient (which includes East Marion and Greenport) was a bit of an anchor with 13% fewer Home Sales and a 23% drop in Total Home Sales Volume.

All in all the North Fork markets are gaining momentum. At TOWN & COUNTRY our North Fork offices are seeing the most sales activity in over the past 12 years!

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

Westhampton Beach Market Share – Deals For 2017

Thursday, January 11th, 2018

Based upon MLS statistics this report represents listings under contract from January 1, 2017 through January 1, 2018 in the areas of East Quogue, Quogue, Remsenburg, Westhampton, Westhampton Beach, and Westhampton Dunes.

Town & Country Hamptons 3rd Quarter 2017 Home Sales Report

Tuesday, October 17th, 2017

The 3rd Quarter, Hamptons Homes Sales Report, was akin to watching a collection of super balls bouncing in all different directions simultaneously. That said, analyzing, the data for these 3 months in this year to year comparison, yields some important insights.

The most glaring of which is that the $10-$20M price range found its groove again — whew — with 133% year over year explosion from 3 in 2016 to 7 in 2017, 3rd quarter. The kicker is 6 of the 7 home sales $10-20M were in the Bridgehampton area (which includes Water Mill and Sagaponack) – 2 in Bridgehampton, 1 in Sagaponack and 3 in Water Mill. A dazzling statistical fact; Bridgehampton area (which includes Water

Mill and Sagaponack) accounted for over 26% of the Total Home Sales Volume for the entire region! $158M of the $596M posted for the 3rd Quarter.

Both of the 2 sales over $20M occurred in East Hampton Village — no surprise there, as East Hampton’s Estate section, historically, posts the high watermark most years. But 2017 won’t shatter the ceiling as these two sales were “only” $29M (11 Lily Pond Lane) and $25.925M (81 Briar Patch). A far cry from the prior ceilings of well over $100M.

East Hampton Village posted the highest Median Home Sales Price at $4,437,500. impressive, yet 15% less than last year’s at $5.25M. Leaps and bounds over the next highest Median Home Sales Price in Bridgehampton area (which includes Water Mill and Sagaponack) at $2.71M.

On the dark side, Sag Harbor area (which includes Noyack and North Haven) went out to sea for three months! The Number of Home Sales tanked by nearly 30% and the Total Home Sales Volume sank like an anchor at nearly 60%. Closer scrutiny over the 8 price categories monitored by TOWN & COUNTRY and clearly you see why…there were no sales $5M and up. None, zero, zip!

Collectively, we know why sales under $500K went down —there simply are few to none — but why the $5-10M price range dropped 56%, from 25 in 2016 to 11 in 2017, needs to be explored further. 

In closing, looking at All Hamptons Markets Combined and we see the 3rd Quarter was a healthy quarter for Hampton Home Sales. There were approximately 8% increases in all 3 criteria monitored by TOWN & COUNTRY — Number of Home Sales, Total Home Sales Volume and Median Home Sales Price.

To view all reports click here – http://www.townandcountryhamptons.com/html/marketReports.php

How Important Is Pricing?

Wednesday, October 4th, 2017

QUINTESSENTIAL EAST HAMPTON ESTATE Web # 55470

East Hampton | $10,995,000 | Web# 55470


Those of us in the industry are witness to one of the oddest phenomenons I’ve seen in my 36 years.

We are seeing homes selling for HALF of their original list price. Clearly our markets are not collapsing by any means. We are not in a recession. This is not ’87 or ’08.

So, what is going on?

Is it a handful of sellers “testing the market for their crazy price” or are some brokers over-inflating prices just to have the press write about their newly listed “highest price in America” listing? Are agents desperately pricing to “asking price” vs. “selling price” just to secure the listing? Did one stratospheric sale attempt to set a new high water mark for the entire neighborhood?

Frankly, it’s the perfect storm of all the above.

Most of the steep discounts are at the uber high end. The unfortunate fall out lies with the sellers of homes over $10M who truly would like to sell and have priced to their appraised values only to languish on the market due to an excessive amount of competition. Historically, we have never had so much inventory.

StreetEasy, Trulia and Zillow give false impression on inventory and market status. This is primarily because the East End is not MLS nor is the market monitored by a totally encompassing real estate board.

So, what does this mean?

The bottom line:

For sellers — pricing today is more important than ever, yet even with proper pricing the length of time on the market will be longer than usual due to the scales of supply outweighing that of demand in a big way.

For buyers — it’s a great time to go shopping! You are in a position to get tremendous values.

For sellers and buyers — both benefit from choosing the right professional to assist in navigating current market trends.

To view all reports visit TownAndCountryHamptons.com/Reports.

Hamptons Real Estate Q2 Market Report: The High End Recovers

Tuesday, July 18th, 2017

The 2nd Quarter of 2017 was clearly the 3 months that the high end made a recovery rebound. The blue chips of Southampton Village, East Hampton Village and Bridgehampton (which includes Water Mill and Sagaponack) all came roaring back from the tepid 2016.

All Hamptons Markets Combined for the 2nd Quarter of 2017 saw 4 closings over $20M, where there were none in 2016 same period. Two from Southampton:

 328 Gin Lane – $31,000,000

 1510 Meadow Lane – $24,600,000

One from East Hampton and Water Mill each:

 32 Middle Lane, East Hampton – $25,000,000

 1285 Flying Point Road, Water Mill – $20,500,000

In the $10-$19,99M price range 10 homes sold in 2017 compared to 4 in 2016, a 150% jump. And 6 of the 10 closed were from the Bridgehampton, Water Mill and Sagaponack region.

Seven of the 12 markets monitored by TOWN & COUNTRY saw increases in all 3 criteria – Number of Home Sales, Total Home Sales Volume and Median Home Sales Price.

The 2nd Quarter wasn’t all rosy for certain markets. Two popular niche markets, Montauk and Shelter Island,each experienced significant pull back in all 3 criteria. In fact, statistically, the greatest declines of all of the 12 hamlets both experienced solid red across the board.

In all, the 2nd Quarter of 2017 shows just how unique each of our Hamptons markets are and how they each move independent of one another.

Water Mill | $6,495,000 | IN # 15218


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

North Fork Q2 Market Report: T&C Real Estate Business Up 20%

Tuesday, July 18th, 2017

The second 3 months of 2017 were not so kind to North Fork home sales.

At our Mattituck and Southold Town & Country Real Estate offices business was up approximately 20%.

Obviously, that was not reflective of the overall market conditions. This is why statistics are so important.

Jamesport (which includes Aquebogue, Baiting Hollow and South Jamesport) was hit the hardest with 40% and 42% declines in Number of Home Sales and Total Home Sales Volume, yet the Median Home Sales Price rose a healthy 6.8%.

The greatest Number of Home Sales occurred in the Southold (which includes New Suffolk and Peconic) market with 32 closings… just 3 less than the 2nd Quarter 2016. The Total Home Sales Volume and Median Home Sales Price price rose 2.3 and 2.7% respectively.

Mattituck (which includes Laurel and Cutchogue) experienced a big bump up in Median Home Sales Price from $414,985 to $757,000 — an 82.4% jump. The only sale over $3.5M was 397 Marratooka Road, Mattituck which sold for $4,500,000.

Looking at All North Fork Markets Combined and you see a nearly 25% drop in Number of Home Sales yet the Median Home Sales Price rose 18%. This tells us inventory is way low and demand high which results in price increases.

Southold | $2,200,000 | IN# 28807

Southold | $2,200,000 | IN# 28807


 

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

Town & Country Hamptons 1st Quarter 2017 Home Sales Report

Tuesday, April 18th, 2017

WARNING: Before you delve deep into the extraordinary amount of negative red figures, keep in mind, all Real Estate Reports are somewhat a look in the rearview mirror. Recorded data that is analyzed reflects closings that went into contract an average of 60 days prior.

That said, Q1 home sales clearly show a tremendous pull back on the high end. TOWN & COUNTRY monitors eight separate price ranges in 12 different markets. Across the board, none of the hamlets experienced an increase in the $10m-19.99m or $20m and up price ranges. In All Hamptons Markets Combined, these two price categories declined by -83% and -67%, respectively.

The only beacon in this report would be Southampton Village, where the Total Home Sales Volume jumped a whopping +93.6%, while the Median Home Sales Price shot up 87.5% to $3.75m in 2017 from $2m in 2016. In fact, the only sale in the $20m and up category was 7 Old Town Road in Southampton Village for $26,000,000. 

While nine of the 12 markets that TOWN & COUNTRY analyzes experienced declines in both Number of Home Sales and Total Home Sales Volume criteria, the Median Home Sales Price rose in 10 of the 12 markets. This demonstrates the resiliency of East End dirt, meaning that while the sales activity may ebb with factors such as the movement of stocks and bonds, the inherent value of our real estate has true, long-term staying power.

Most of this data reflects Q4 2016 sales activity, which was apparently weak for many sectors. Just as I predicted these stats would be sad for Q1 2017, I predict that the Second Quarter will be better for most markets and price ranges, while the high end remains against headwinds.

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

Town & Country North Fork 1st Quarter 2017 Home Sales Report

Tuesday, April 18th, 2017

The North Fork markets fared well, considering – better than its cousin, the Hamptons.

Two of the four markets monitored by TOWN & COUNTRY experienced increases in both the Number of Home Sales as well as the Total Home Sales Volume. Orient, (which includes East Marion and Greenport) had a great quarter with increases of +26% in both Number of Home Sales and +23% in Total Home Sales Volume. Oddly,the Median Home Sales Price dipped -7% to $487,500. Jamesport, (which includes Aquebogue, Baiting Hollow and South Jamesport) was in the black for the first three months of 2017. Its Number of Home Sales increased +18%, while the Total Home Sales Volume rose +21.5%, and the Median Home Sales Price shot up nearly +10%.

The two markets experiencing some pain during the first quarter were Mattituck (which includes Laurel and Cutchogue) and Southold (which includes New Suffolk and Peconic). Southold decreased -36% in the Number of Home Sales and 26% in Total Home Sales Volume, while Mattituck dropped 39% in the Number of Home Sales and 24% in Total Home Sales Volume. The shining sparkle for both markets, though, is they logged in the two highest sales in the price range of $2m-3.49m: 5909 Lloyds Lane, Mattituck at $2.95m and 1350 Paradise Point Road, Southold at $3.25m.

Looking at All North Fork Markets Combined, you can see that while there may have been a pull back of -18% in the Number of Home Sales, there is a clear increase in the higher price categories. TOWN & COUNTRY monitors six specific price categories, and Q1 2017 saw increases in $1m-$1.99m of +17% and double the number of closings in the $2m-$3.49m category.

This first quarter home sales report is proof that while TOWN & COUNTRY is experiencing heightened activity in our offices, the market in general did not. I believe low inventory is one of our greatest challenges for all North Fork markets. We have the buyers and the interest. Now we need the listings.

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

US Home Prices Rose 5.9%

Thursday, March 30th, 2017

The S&P CoreLogic Case-Shiller Index reported a 5.9% rise in home sales prices nationwide for January, year over year. That increase is the greatest since mid-2014. The 10-city index rose 5.1% January 2016 to January 2017 while the 20-city index gained 5.7%.  There are several contributing factors. The scales of supply and demand, dictate the price of anything from art to homes.

At this time in history job growth among the large demographic of 30-something-year-olds contributes to the demand side.  Economists have logged an important concern on that front that wages, rising at 2.5%, and home sale prices, increasing 5.7%, will eventually cause a disconnect.

On the other side of the scales we have supply.  According to the National Association of Realtors inventory in December hit the lowest level since they began tracking this data in 1999.  The number of homes for sale in January 2017 was over 7% less than the number of homes for sale same month last year.

How do these national statistics compare with our niche markets? Frankly, they don’t.  It is not uncommon to see our markets move inversely to national trends.  Because our markets are so diverse and so specialized, they don’t always move in tandem.  Right now, there are segments of our markets that desperately need inventory and others that are, well, flooded.

These vast differences are precisely why Town & Country Real Estate has always broken down our Home Sales Reports into individual markets and different price ranges within those markets in the Hamptons and across the North Fork. 

To view our published market reports visit http://www.townandcountryhamptons.com/html/marketReports.php weigh in on your market concepts.