The party's not over yet when it comes to Hamptons real estate. The last quarter of 2015 saw the most sales above $5 million, the most above $10 million, and the highest $5 million plus market share in a decade. The average sales price hit a new record high (in the 11 years this metric has been tracked), up 15.6% to $2,383,499, compared to the same quarter in 2014. The median sales price, at $997,000, was the third highest on record and the highest since the financial crisis. Inventory was down 6.5%; there were 613 sales in the third quarter, down 16.5% than in 2014Q4.
The luxury market (the top 10%) was particularly strong; the median sales in this sector surged 19% to $8,300,000. The luxury average sales price was also up sharply, rising 12.5% to $12,300,965. There were 62 sales above $5 million for the quarter, accounting for 10.1% of all sales, another record.
· Elliman Market Reports [PDF]