Let's look back at the third quarter that was. Judging by Prudential and Corcoran's market reports, there's still little excitement in the Hamptons. Some hamlets, like Amagansett and Sag Harbor, saw up to 204% spikes in sales volume from this time last year. (Sag Harbor really is the best!) Others, like Bridgehampton and Sagaponack—one of the top playing fields for the spec market—were not as lucky. Bridge and Sagg together saw a 38% decline in sales volume from last year's third quarter, and a $1.5 million drop in average price from last quarter. Sheesh! Overall, the Hamptons market took up to a 14% hit in median sales price, which fortunately came with a decrease in time spent on the market (from 213 to 169 days).
So why's the market sort of eh? Prudential reports fewer "high-end sales" this quarter, which normally ramp up median price. In a quote given to The Real Deal, the man behind Elliman's report elaborates, explaining that "while housing prices on the ground are not falling, there's been a shift in the mix. This doesn't suggest a double dip. That's a possibility, but it's not a sure thing."
And what about the North Fork? Overall, pretty positive! Sales volume is up 59% percent, with median price and units sold seeing jumps as well—a trend seen in the mid-year reports as well.
· Market Reports [Corcoran]
· 3Q - 2010 Market Reports [Prudential]