Corcoran's East End market report closing out the year that was 2009 has hit the streets and—shocker—it's not pretty. While Sagaponack, Bridgehampton, Wainscott, and Southampton sustained only single-digit drops in total home sales, Sag Harbor/North Haven and the rest of Southampton took it on the chin. Stating the obvious, the report explains, "The decline? was a direct result of the overall economy and the troubled real estate market." Overall, median home prices dropped 4% from $868,000 to $830,000, and overall home sales fell 22%.
But fear not, for there is brightness on the horizon, at least according to this standard bit of broker patter: "We are, however, witnessing signs of local improvement as we enter 2010." Mmmhmmm. For those out there on the hunt, how's the market looking from street-level? Reports welcome in the comments.
· Corcoran’s 2009 East End Year End Report [Corcoran, PDF]
· Hamptons Home Sales Drop as Economy Drags on Resorts [Business Week]