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Stock Market Turbulence Shrinks Hamptons Sales in 1Q of 2016

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Luxury market outpaces the rest

The vagaries of Wall Street meant for declining Hamptons real estate sales during the first quarter of 2016. Shrinking bonuses and the faltering S&P 500 meant that Wall Streeters decided against summer home purchases. Compared to the same quarter in 2015, the number of sales fell 19.2%, from 541 to 437, while the median sales price, $895,000, slipped 2.8%. Average sales price, however, at $1,891,758, increased 7.4% year-over-year, the highest for a first quarter in 8 years.

The luxury market (the top 10%) outperformed the rest; the median price was $5,500,000, same as in the previous year, but the luxury average price surged 11.6% to $8,811,964. The number of sales at or above $10,000,000, though, fell to 9 from 13 in 1Q of 2015, which was also far below the 26 sales at that level in 4Q of 2015. That’s expected, though: the trend has been for very high-end sales to close at the end of the calendar year.