The last quarter results from the four big agencies that report are all in, and the broad results are as follows. Each report tends to focus on slightly different parts of the market, so results tend to be different from one another.
As with 3Q18, prices are up but properties are just sitting there. Median sales price in the last quarter of 2018 was unchanged (compared to the same quarter in 2017) at $995,000, while the average sale jumped 9.1% to $2,006,610. The number of sales plummeted 34.8% to 360. (This is now the fourth quarter in which number of sales declined year-over-year.)
The listing inventory, too, jumped 81.9% to 2,197, which is the first time in twelve quarters this has occurred. As for the luxury market (the highest 10% of sales), both the average ($8.5 million, up 14%) and median ($7.8 million, up 36%) prices were up, and the number of sales slumped 17.8%.
Town & Country
Stats were sunnier in T&C’s report. The number of sales were up 12% and the total home sales volume (sum of all sales) was up 15%, while the median price was up just 1% to $1.075 million. Town & Country breaks up sales into eight ranges, from under $500K to over $20 million, and six of the ranges were up. The middling $2 – $3.49 million price range down 14% in sales. (Over $20 million was down 50%, from 2 in 4Q17 to 1 in 4Q18, but that’s statistically insignificant.)
Standout markets in this report include Amagansett, with a median price increase up 75% from $1.467 million in 2017 to $2.562 million in 2018, and the number of sales up 83%. East Hampton Village had the highest median home sales price at $4.569 million. As for total home sales volume, Sag Harbor Village was up 141%, from $19 million in the fourth quarter of 2017 to $45.7 million in same quarter 2018.
In Corcoran’s report, the number of sales on the South Fork declined, but prices were flat. Quarter over quarter, the number of sales declined 15% to 490 transactions and $906 million in volume. Average price ($1.849 million) was essentially the same as 4Q17, while median price ($995K) was up by 1%. As T&C reported as well, East Hampton Village in particular had a strong quarter–average price increased 48% year-over-year.
The luxury market, as with Elliman, showed prices improved and number sales declined. The average price increased 4%, to $7.65 million, while the median improved 11%, to $6.5 million. The number of sales dropped 16%, from 58 to 49.
Inventory was essentially level compared year over year, with 5,678 listings available at the end of 4Q18, nearly the same as 4Q17.
Brown Harris Stevens
BHS’s report was the outlier. It reported experienced significant increases in the number of sales across the East End. The total number of 4Q18 South Fork sales rose 12.1% compared to 4Q17 (445 vs. 397), and the total dollar volume increased 14.5% to $893 million. The average sales price in the Hamptons inched up 2.2% to $2.008 million while the median price increased 1.2% to $1.055 million.
On the South Fork, 73.9% of sales in 4Q18 were under $2 million. But there were 39 sales over $5 million in the fourth quarter of 2018 (up from 31 in 4Q17), 10 of which were over $10 million (compared to 7 in the previous year).
So what does any of this mean? The numbers aren’t terrible, but we’re not expecting to see better ones for a good while yet. Bargain hunters aren’t swooping in yet because, we think, for the most part prices are still too steep. Stay tuned.