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Hey big spender! The 3Q Hamptons market reports

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The usual sweet spot turns sour

Time for the quarterly Hamptons market report! This time, the normal sweet spot for Hamptons real estate, the sector between $1M to $5M, is sour (the number of transactions dropped 24% to 171), while there’s an unusually large number of sales above $5M and the market below $1M is red hot.

Compared to the same quarter in 2015, the number of sales increased 2% to 517; however, the median sales price declined 13.2% to $825,000. Average sales price, at $1,746,413, inched up 0.6% year-over-year.

The luxury sector (the top 10%) outpaced the rest of the market; the median price was $6,250,000, 17.4% higher than in the previous year. Average luxury price was $8,538,746, an increase of 19.6%. Sales at or above $5,000,000 rose 9% from the year ago quarter to about 40.

· The Elliman Report [Official]