It's that time: midyear market reports are due! And with sale prices up 10% and units sold up 113%, some might say 2010 has thus far been a winning year for the East End. Most of the staple neighborhoods, like East Hampton, Bridgehampton, Sagaponack, Quogue, and Southampton, lead the way with 20-50%+ increases in average sale prices. Meanwhile, other prime areas (Amagansett, Montauk, and Water Mill) saw decreases in their average sale prices—even as sales volume increased. Similarly, the North Fork "saw improved activity, though not as dramatic as in the Hamptons."
It's worth noting that the luxury market, calculated as the top 10% of all residential sales, is still on the decline. The average luxury price, for example, dropped 5% from $6.804 million to $6.42 million. And this decrease comes after units sold increased 114%. Perhaps increased action in the discounted luxury market explains the 10% jump in overall sale prices.
When compared with the first half of '09, the land market showed steady growth: Total dollar volume jumped to $169.12 million, a 318% increase. Are the builders really back?
And finally, let's take a look at the market's inventory. Save the fourth quarter of 2009, inventory has steadily increased "during the course of the recent economic downturn." Corcoran believes the upswing can be "based partly on positive market news," which encouraged "sellers who were sitting on the sidelines ... to enter the market."
· Hamptons home sales prices rise 10%: report [TRDNY]
· Market Reports [Corcoran]