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.
- The Elliman Report [Official]