The fourth quarter reports from Hamptons real estate brokers are in, and they're pretty hot. The median sales price is now $975,000, the highest in 7 years, and an increase of 26.5% compared to the same quarter last year. The number of sales jumped 48%, to 734, the most sales in a quarter for almost ten years. The average sales price increased 31% to $2,062,072. Inventory is up very slightly at 0.4%.
In the third quarter of 2014, the market share of sales above $1M increased; in the fourth quarter about 48% were above $1M, the highest share ever tracked. 57 homes sold above $5M, a 78% increase and the highest number since 2006. Clearly, wealthier buyers want their summer place in the Hamptons and they want it ready for this summer.