Report: East End luxury home sales up
Almost half of Generation Y -- the demographic cohort born between about 1979 and 1999 -- want to buy a home soon, a national survey shows. Credit: iStock
The number of East End home sales at or above $5 million nearly tripled compared to the same period last year, according to a third-quarter report for Prudential Douglas Elliman Real Estate by Miller Samuel, a Manhattan-based firm that tracks Long Island home sales.
There were 30 homes sold in this price range, compared to 11 in the same quarter last year, and 24 in the second quarter of this year.
Luxury prices outpaced the overall market in the Hamptons and the North Fork. The median sales price in the luxury market, defined as the top 10 percent of all sales, rose 47.3 percent, to $5.45 million. Third quarter listing inventory in this price range fell 16.3 percent compared to the same time period last year.
The median sales price for the East End in the third quarter was $700,000, a 12 percent increase from the third quarter of 2010. The number of third quarter sales increased 14.7 percent, from 469 last year to 538 this year, but fell 13.1 percent from 619 in the second quarter of 2011.
The Hamptons saw increases in both prices and sales. The median rose 22.1 percent to $850,000 and the number of sales rose 12.4 percent. In the North Fork, prices were down and sales were up. The median sales price was $450,000 – a decrease of 8 percent from the third quarter of 2010. The number of sales rose 21.7 percent.
