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Hamptons Home Sales Jump in Early '10, But Inventory's Up Too

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The news from Corcoran's recently released market report covering real estate sales on the East End in the first quarter was pretty encouraging: sales jumped to 466 units (versus 208 in the same period in 2009), and average sale price in the Southfork and Shelter Island grew to $1.69 million (versus $1.5 million in 2009). But also on the rise is inventory—check out the above graph, which shows 7,868 places for sale (versus just about 7,000 in 2009). Friends in the industry we've chatted with say it may just be that classic Hamptons tradition of listing one's home as a fishing expedition when the market starts to rebound. Your thoughts?

· Corcoran Market Report, Q1 2010 [Corcoran, PDF]