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East End inventory up, prices down

Like apples and pumpkins, homes in the East End are ripe for the picking this fall: Inventory is up and prices are down from the previous quarter, according to third-quarter data released today by Miller Samuel, an appraisal and consulting firm that tracks that Long Island real estate market.

Listing inventory rose 3.7 percent in the third quarter compared with the previous quarter. But it’s down by 6.1 percent from a year ago. Third-quarter home sales in the region have slowed compared to the second quarter, which is seasonally typical, but the number of sales is up 2.2 percent from the same period last year.

The median sales price for the Hamptons and the North Fork fell 10.7 percent, from $700,000 in the third quarter of 2009 to $625,000 last quarter. That’s a 19.4 percent drop from the second quarter of 2010, when the median sales price was $775,000.

The median sales price in the Hamptons for the third quarter took a 14.1 percent hit compared with the same period in 2009, dropping from $810,000 to $696,000, while the number of sales rose to 354 – a 4.4 percent increase compared with the third quarter of 2009.

The North Fork had a third-quarter median sale price of $489,000 – a 2.4 percent uptick from the year-ago period. The number of third-quarter sales went down to 115, a 4.2 percent dip from the same quarter last year.

Falling prices in the East End luxury market -- defined as the top 10 percent of sales in the region -- are largely to blame for the overall price dip in the region, the report says: The third-quarter median sales price dropped 13.5 percent, from $4.275 million last year to $3.7 million this year. It’s down 10 percent from the second quarter of 2010.

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