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Market Reports: New Median Price Brings About New Market

A new Post article out today explores how the change in median price for Hamptons' homes is altering the pace of the market. While 2007 was the peak at $1.1 million, the current median hovers closer to $770,000, which is below 2005's $800,000 price. With that change comes a new focus on the under-$1 million market, as well as an acceptance by sellers that they may have to list their homes for less than what they paid. A gaggle of brokers chime in on the matter, noting that homes tend to go for 15% below asking price in this market, though bidding wars on well-priced properties have brought numbers up slightly. Suggestions to the deal-happy buyer include looking into the spec house realm, where over-extended developers are hoping to unload new construction for a reduced price, as well as venturing off the beaten path. Springs, East Hampton's artsy northern neighbor, is home to properties 'in the 500s', something not seen in at least two years.