[Image courtesy Elliman]
Prudential Douglas Elliman released its Q2 Hamptons & North Fork Sales Report today, and we learn that while more homes sold this spring than last winter, a big old 'however' reminds us that everything else maintained its decline. According to the report, the Hamptons (sans North Fork) saw median sales prices fall 20.6% to $770,000 from same period last year, while the number of sales dropped 34.4% to 231 as compared with 352 in the second quarter of 2008. (But, those 231 sales beat Q1's 145!)
Elliman cites 'historic low mortgage rates and seasonal trends' to explain the slight upturn in sales, while blaming declines expanded inventory, long marketing times and sellers who list homes at prices higher than 'current conditions support'. (PriceUppers, that's you.) When broken down by location, North of the Highway median sales price declined just 18.1% to $712,500 from the same time last year, but South of the Highway homes saw a 41.9% drop to $900,000. Noting the under-used dividing line, the Shinnecock Canal, it seems prices to the east fell 13.1% to $999,750, while west saw a steeper 20.3% drop from 2008 to $490,000.
The luxury market as a whole didn't see a huge decline in sales price (just a 9.4% fall), but listing numbers rose 46.4% and the report states that only 14 homes over $5 million sold in Q2 compared with last year's 23. On a good note, those 14 sales are twice what was sold in Q1. Market on the mend? Share your thoughts below.
· Market Reports: Hamptons & North Fork [Elliman]