As we do every three months, we’re perusing the sales reports put out by the local brokerages. First up is Town and Country’s. Their numbers are pretty good for the Hamptons: in the third quarter of 2017, overall number of sales are up 8%, total home sales volume is up 8.22%, and median sales price is up 7.95%. The bright spot is the sector between $10 million and $20 million, with number of sales up 133%, from 3 in 2016 to 7 in 2017.
T&C also analyzes each residential area. Bridgehampton is doing well, with 6 of those 7 $10-$20 million sales in that area, which includes Bridgehampton, Water Mill, and Sagaponack.
There were two sales in the region over $20 million, and they were both in East Hampton Village. Highest was oceanfront 211 Lily Pond Lane (best known as the Clintons’ former rental) at $29 million.
Not doing so well is the Sag Harbor area. See this quote from Town & Country:
On the dark side, Sag Harbor area (which includes Noyack and North Haven) went out to sea for three months! The Number of Home Sales tanked by nearly 30% and the Total Home Sales Volume sank like an anchor at nearly 60%. Closer scrutiny over the 8 price categories monitored by TOWN & COUNTRY and clearly you see why… there were no sales $5M and up. None, zero, zip!
Actually, we disagree: while it’s true that total home sales volume is down 58%, the reason is, as so often in the Hamptons, is that a huge sale skewed the figures. 3Q of 2016 sales were about $74 million. 3Q of 2017, $31 million. Surely the sale of Strongheart in North Haven for something around $32 million, which closed in September 2016, is what made that 2016 number so abnormally high.
The North Fork is doing great. Number of home sales were up 15%, total home sales volume increased 23%, and median home sales price rose 22%. The best performing sector was the $1 million to $2 million area, with 140% growth.
Southold (which includes New Suffolk and Peconic) showed a lot of demand in 3Q, with was a 71% leap in number of home sales from 24 in 2016 to 41 this year. Total home sales volume more than doubled, and the median home sales price increased 25% to $580,000.
All in all, a healthy quarter for area real estate. On to the always exciting fourth quarter, when typically huge deals are done before the end of the year.