Buying and selling real estate in the communities of Long Island
Hamptons real estate looking up, report says
Town & Country Real Estate released the 4th Quarter 2011 Home Sales Report for the Hamptons and the North Fork, and there are a few bright spots.
-Starting with the Hamptons, the Village of Sag Harbor has strong numbers across the board: There was a 60 percent increase in the number of home sales, a 35 percent increase in total home sales volume and a 2 percent increase in the median home sales price. The village made a “comeback,” especially in sales in the neighborhood of $1.2 million, says chief executive Judi Desiderio.
-As for the Sag Harbor area, which includes Noyack and North Haven, house sales jumped 87 percent from 15 to 28 year to year in the fourth quarter, though the median home sales price dropped 28 percent. “The Sag Harbor area is such a bargain right now,” Desiderio says, noting, “You can get a cute beach cottage in Noyack for under $1 million — that is huge.”
-Looking at the Hamptons as a whole — all markets combined — the fourth-quarter year-to-year results reveal an increase in home sales: up 9.43 percent from 265 to 290. However, the median home sales price dropped 16.22 percent from $940,000 to $787,500 for the same period.
-On the North Fork, Southold, which includes New Suffolk and Peconic, stands out with almost double the total sales volume from $9.8 million in the fourth quarter 2010 to $19.5 million during the same period in 2011. Homes sales rose more than 30 percent from 23 to 30 and the median sales price is up 33 percent from $365,000 to $485,800. “Southold is enjoying the high end,” says Desiderio, noting five of the 10 sales on the North Fork in the $1-million-plus category were in Southold.
-The eastern tip, including Greenport, East Marion and Orient, also fared well last quarter with a 23.5 percent increase in homes sales, from 17 in 2010 to 21 in 2011. Total sales volume increased 35 percent from $8.3 million to $11.2 million, year to year, although the median sales price dipped slightly from $495,000 to $415,000. The western end, including Mattituck, Laurel and Cutchogue saw slight decreases in all three categories.
-Overall, combining all the North Fork markets, the number of home sales grew 8.54 percent, while the total home sales volume increased 23.8 percent. The median home sales price dropped 4.6 percent from $440,000 to $420,000.
-Last but not least, Shelter Island had a sweet 45.45 percent spike in home sales in the fourth quarter from 11 to 16 year to year, though the median sales price decreased 14.59 percent from $730,000 to $623,500.
Tags: Hamptons , LI housing market , Sag Harbor , Town & Country Real Estate , Noyack , North Haven , Southold , New Suffolk , Peconic , Greenport , East Marion , Orient , Mattituck , Laurel , Cutchogue , Shelter Island