Bloomberg analyzes the latest numbers on the down Hamptons' real estate market, and of course, it ain't pretty. The number of homes on the market on the East End rose 12% in the second quarter, as compared with the same time last year. According to a report by Corcoran, that increase comes from the 7,288 homes for sale now, versus 6,490 just a year ago. With Wall Street's job and bonus insecurity, the recession has hit the Hamptons hard, and low sales prove that buyers are taking their time. A Town & Country report cites 175 homes sold in the second quarter of 2009, down 58% from last year, a decline not seen since 1982.
Cumulatively, the median price for homes on the East End for 'first six months of the year was $605,000, down 22% from 2008'. That drop has affected individual towns as well, with East Hampton seeing some significant changes. Corcoran reports that the village now follows Amagansett with a median price of homes at $2.4 million, which is 22% less than last year. Amagansett, interestingly enough, became the most expensive town in the Hamptons, seeing a rise in median home prices from $1.96 million to $2.73 million this year. As expected, multi-million dollar homes are even harder to sell than before. More than half of the homes sold so far in 2009 have been under $1 million, while 'just 12 properties worth $5 million or more sold', a telling 61% drop.
· Hamptons Home Inventory Increases 12%, Prices Fall [Bloomberg]