The CEO of Town and Country Real Estate, Judi A. Desiderio, has just released a first quarter 2012 home sales report for the Hamptons that demonstrates a significant change in the real estate market.
The report notes an unusually active winter and that the numbers for the first quarter provide indisputably that the Hamptons markets are breaking national trends.
According to the report, markets such as Sag Harbor Village statistically posted eye-popping increases in all 3 criteria monitored by TOWN & COUNTRY with a 29% increase in the Number of Home Sales, 68.4% increase in the Median Home Sales Price and an impressive 95% increase in Total Home Sales Volume.
Shelter Island experienced reversal shifts with reductions in all 3 criteria… but when there is such little data (6 sales in an entire quarter) statistics get skewed easily. Southampton Village realized a 67% increase in Number of Home Sales (from 9 to 15) and a 128% gain in Total Home Sales Volume from $21.5M to $49M year to year, yet the Median Home Sales Price shifted downward to $800,000 from $1,845M or a decline of 56.64% , but again few sales (9 in 2011 vs. 15 in 2012) can make the Median Home Sales Price shift easily. Examining the 6 price categories in Southampton Village and you see the number of sales below $1M market was the driver with 9 of the 15 sales this year and yet in 2011 the number of sales under $1M was only 3 of the 9 sales.
Westhampton (which includes Remsenburg, Westhampton Beach, East Quogue, Quogue and Quiogue) realized the greatest increase in the Number of Home Sales with a 109% increase, which pushed the Total Home Sales Volume upward by 118%.
Looking at All Hamptons markets combined for 1st Quarter 2012 and you see all positive signs, further validating TOWN & COUNTRY’S conclusion that the Hamptons markets are setting new benchmarks.
To view more specifics on your particular locations visit www.1TownandCountry.com/reports.