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Report: Home sales, prices up in Hamptons

Sweet Potato, the estate of billionaire businessman Ronald

Sweet Potato, the estate of billionaire businessman Ronald Lauder, is partially obscured by hedges in East Hampton, N.Y. (May 15, 2009) Photo Credit: AP

Home sales in the Hamptons and on the North Fork are seeing an uptick, according to a market report released Thursday by Douglas Elliman Real Estate.

In the Hamptons, 701 sales closed in the third quarter, up more than 31 percent over the 534 sales that closed during the same period last year. On the North Fork, the year-over-year change was also more than 31 percent, with 198 sales in the third quarter of 2014, compared to 151 sales over the same three months of 2013.

The median sale price is also up more than 12 percent in the Hamptons, from $768,000 to $865,000, and more than 8 percent on the North Fork, from $410,000 to $444,500.

Paul Brennan, Hamptons regional manager for Douglas Elliman, says despite the recent up and down stock market, sales have been robust.

“That’s been the driving force,” Brennan said of the stock market. “I think we’ll go into the fourth quarter in pretty good shape.”

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