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Hamptons real estate market report: Q1 of 2017

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Lots of decreases

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Town & Country released the real estate market reports for the first quarter of 2017. If the report had to be summed up in one color, it would be red.

All comparisons are made to the first quarter of 2016.

With a total number of home sales at 269, the market saw a 22% decrease. The home sales volume saw an even greater decrease at 27.12%.

The median home sale price sat at $1,125,806 for the first quarter. This is actually one of the only places where the report saw an increase, and probably the only place that an increase isn’t exactly wanted. This marks a 13.15% increase, compared to the average home sale price of $995,000 for the first quarter of 2016.

As for home sales per price range, the general idea here is that all the sales decreased. In some ranges, the percentage was much higher than in others. There was a 45% decrease in sales of homes under $500 thousand, an 83% decrease in homes from $10 million to $19.99 million, and a 67% decrease in homes at $20 million and above.

Granted, in the first quarter of 2016 there were only six homes that were sold in the $10 million to $19.99 million range, so when there’s only one sold, the percentage is very high considering the actual volume. The same goes for the homes sold over $20 million—last year, only three were sold in that price range. This year, only one was sold.

Town & Country