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Hamptons real estate shows 3rd-quarter gains

East Hampton, shortly after sunrise

East Hampton, shortly after sunrise Photo Credit: Kevin P. Coughlin

The high end keeps getting higher in the Hamptons, according to Town & Country Real Estate’s third quarter home sales report. Both the $2 million to $3.49 million range and the $3.5 million to $4.99 million range saw 33.3 percent increases in the number of sales for all Hamptons markets combined.

And the number of homes sold over $5 million jumped 60 percent, from 10 in the third quarter of last year to 16 for the same time period this year.

In East Hampton Village, the median home sales price was $4.85 million — a 155 percent increase compared to $1.9 million in the third quarter of 2010. However the number of homes sold fell from 13 to seven — a 46 percent decrease — for the same time periods.

Bridgehampton, which includes Water Mill and Sagaponack, more than doubled the number of homes sold over $5 million, from two in the third quarter of last year to five in the third quarter of this year. The median sales price rose 20.5 percent.

The third quarter wasn’t so kind to lower-priced real estate. The number of homes sold under $500,000 fell 20.3 percent, and those from $500,000 to $999,000 declined 12.6 percent compared to the same quarter last year for all Hamptons markets combined. Even the $1 million to $1.99 million range remained flat, with 43 homes sold for both periods.

But there were some bright spots in the less-than-luxury markets. Of the 12 markets in the report, four saw third quarter increases in the $500,000 to $999,000 range. The number of homes sold in this price range rose 100 percent in the Southampton area (including North Sea, excluding Southampton Village), from six homes in 2010 to 12 for 2011. Shelter Island, Amagansett and Sag Harbor also saw third quarter increases in this price range compared to last year.

Total home sales in the Southampton area leaped 245 percent, to $41 million, compared to $11.9 million for the same quarter last year. The number of homes sold for the third quarter rose 37.5 percent, from 16 last year to 22 this year.

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