The Hamptons inventory uptick was notable because it comes after a 12-quarter decline.
“A big story here is the increase in inventory year-over-year,” says Carl Benincasa, Elliman’s regional vice president of sales for the Hamptons. He pointed to the 82 percent jump in listings in the Hamptons compared to a year ago, saying there are “greater opportunities for buyers” now.
The median sales price in the Hamptons was unchanged at $995,000 and the average sales price increased 9.1 percent to $2,006,610. The number of sales fell 34.8 percent compared to the previous year. It was the fourth quarter with a decline in sales.
In the North Fork, the median sales price increased 5.4 percent to $630,000, a record high. The average sales price declined 14.7 percent to $719,571, and the number of sales declined by 46.1 percent. Inventory edged up 1.4 percent.
The report also covered the Long Island market.
According to the report, inventory hit a 15-year low after three quarters of year-over-year declines, falling 6.8 percent. Another sign of health: The number of sales rose 2.6 percent.
In terms of prices: The median sales price increased 3.9 percent to $431,000, and the average sales price increased 3.6 percent to $503.335.
“Long Island was a real contrarian to these regional trends—in a good way,” says Jonathan Miller, president of Miller Samuel and author of the report. “The unexpected rise in sales and lowering of inventory was in contrast to what we saw this quarter...in the Hamptons and North Fork.”
Brick Underground articles occasionally include the expertise of, or information about, advertising partners when relevant to the story. We will never promote an advertiser's product without making the relationship clear to our readers.