The second quarter reports from Hamptons real estate brokers are in. The number of sales compared to last year increased 3.7%. The median sales price slipped slightly, 1.3%, to $908,500, while the average sales price declined 9.3% to $1,539,646. Inventory is up 4.7%.
Analysis: last quarter we had a shift to higher-end sales; this quarter saw a shift to sales under $1M, with more buyers looked to get into the Hamptons. Prices slipped from last quarter, when they were up sharply, but YTD they remain higher than last year. Properties sold quickly; both sales and inventory increased over last year.