The third quarter reports from Hamptons real estate brokers are in. The number of sales compared to last year jumped 31%. The median sales price increased 12%, to $865,000, while the average sales price increased 20% to $1,765,463. Inventory is up 3.4%.
Analysis: sales activity, driven by Wall Street profits, surged above the level from a year ago. Last quarter saw a shift to sales below $1M; this quarter the market share of sales above $1M increased. 39 homes sold above $5M, a 70% increase and the second-highest number since 2006. Listing inventory increased; higher prices saw more owners putting their properties on the market.