The fourth quarter reports from Hamptons real estate brokers are in. The number of sales declined 6.2% from Q4 of 2012. The median sales price compared year over year fell 15% to $770,500, while the average sales price dipped 26.1% to $1,574,327. Sales below $1M rose 9.1%. The number of sales above $5M declined sharply by 34.7%. Inventory jumped 53.4%.
Analysis: while top line prices dropped when compared against Q4 of 2012, that's due to the fiscal cliff surge a year ago in high-end demand, which skewed the market. (The same thing happened at the end of 2010 when it was thought the Bush tax cuts were going to expire.) Generally speaking, in 2013, the Hamptons market had more normal ratios of high- and low-end properties. 2014 should be busy, considering the reportedly good state of Wall Street bonuses.
Loading comments...