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Hamptons real estate market report: Q2 of 2017

The Hamptons are making a comeback

By Grace Cassidy

While compared to the second quarter of 2016, the total number of Hamptons real estate sales decreased in Q2 this year, the total home sales volume and the median home sales price both saw increases, according to Town & Country’s homes sales report.

The high-end market in particular saw recovery.

The total number of home sales was 408, compared to 2016’s 417. Bridgehampton, Amagansett, Hampton Bays, Westhampton, Southampton, and Sag Harbor village all saw increases in total number of home sales, while the greater Sag Harbor area, Shelter Island, East Hampton, and Montauk all saw decreases.

The total home sales volume increased by 21.74 percent this year, while the median home sales price went from $999,000 to $1.1 million.

Sales under $500,000 saw a 13 percent increase. This year, 71 home were sold in that range, while last year 63 were sold. Sales between $500,000 and $999,000 decreased, as did sales between $1 million and $1.99 million.

As far as the high end market is concerned, increases in sales were seen in almost every range. Sales between $2 million and $3.49 million increased by 10 percent and sales between $3.5 million and $4.99 million increased by 32 percent.

There was a 30 percent decrease in sales in the $5 million to $9.99 million range, but the two largest categories—between $10 million and $19.99 million, and sales over $20 million—both saw major increases.

In Q2 of 2016, there were four homes sold in the $10 million to $19.99 million range, and this year we saw 10. That comes out to a 150 percent increase. Last year, there were no homes sold in the over $20 million range, but this year we saw four—one in East Hampton village, one in Bridgehampton, and two in Southampton village.

The four highest home sales was 328 Gin Lane in Southampton for $31 million, 1510 Meadow Lane in Southampton for $24.6 million, 32 Middle Lane in East Hampton for $25 million, and 1285 Flying Point Road in Water Mill for $20.5 million.