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Hamptons Real Estate in 2Q of 2016: Sales Down, Prices Up

Blame it on Wall Street

Time for the quarterly Hamptons market report, and the word is "meh." Compared to the same quarter in 2015, the number of sales fell 20.5% to 561; however, the median sales price, $975,000, increased 4.3%. That’s the highest second quarter result in 9 years. Average sales price, at $1,684,243, decreased 0.3% year-over-year.

The luxury market (the top 10%) remained static; the median price was $5,500,000, 0.9% lower than in the previous year, and the same as in the first quarter. Sales at or above $5,000,000 fell 25% to 33 from the year ago quarter, while the number of sales at or above $10,000,000 was 9, the same as 2Q 2015.

Why the lethargy? The average Wall Street bonus fell 9% in 2015, the lowest level in three years. This, of course, leaves younger workers with less to spend on a weekend place.