We knew figures would be bad for the quarter, and we were correct. Town & Country has published the sales numbers for eight price ranges in 12 different markets, and in almost all of them, there are huge pullbacks. None of the hamlets monitored by T&C experienced an increase in the $10 million to $19.99 million or $20 million and up price ranges. In all the markets combined, these two price points declined by -83% and -67%, respectively.
The bright-ish spot is Southampton Village, where the total home sales volume jumped +93.6%, while the median home sales price rocketed 87.5% to $3.75 million in 2017 from $2 million in 2016. However, much of this is attributable to just one sale, 7 Olde Towne Road in Southampton Village for $26,000,000. (Which was $4 million off its asking price.)
So should we panic yet? No. While number of home sales and total home sales volume criteria declined in nine of the markets, the median home sales price rose in 10 of the 12 markets. Furthermore, word on the street is that the second quarter will be much better.
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