Town And Country Real Estate President and CEO, Judi A. Desiderio has released her company’s 2nd Quarter 2012 Home Sales Report. Information below.
Judi writes, “As we predicted, there has been a significant uptick in activity. Usually I close the report with consolidated numbers of All Hamptons Markets Combined but this report will begin with it. While the Number of Home Sales increased by 9% from 379 in 2nd Quarter 2011 to 414 in 2nd Quarter 2012, the Median Home Sales Price and the Total Homes Sales Volume dropped by 14.3% and 1.41% respectively. This is a statistical phenomenon since the $5M – $9.9M price category exploded with a 67% increase from 12 sales in 2011 to 20 in 2012.
If you look at the 7 price categories monitored by TOWN & COUNTRY you can see a saw tooth effect. The media had speculated that “only the high end did well”, when in fact our high end — $10M and over — was flat at 8 home sales and the $2M – $3.49M price category was up 20% from 46 to 55 year to year, yet the $3.5 – $4.99M price category dropped by 10 sales or 36%. But when reporting on the “median” price (that is the individual home sale in precisely the middle of all the sale prices when strung together from lowest to highest) shifts can be wide. In fact in the 2nd Quarter, 226 of the 414 total Number of Home Sales were under $1M and therein lies your Median Home Sales Price of $900K.
Looking at the individual markets, it is no surprise that Bridgehampton (which includes Water Mill and Sagaponack) had a shining 2nd Quarter 2012 particularly at the high end where the Number of Home Sales in the $5M – $9.9M and the $10M and up categories shot up 175% and 150% respectively – totalling 16 in 2012 from 6 in 2011. This in turn increases the Median Home Sales Price and the Total Homes Sales Volume by 16.43% and 33.13% respectively.
EAST HAMPTON VILLAGE experiences the greatest increase in Total Homes Sales Volume at +53.42% from $46.6M to $71.5M year to year., obviously due to the additional 2 homes sales in the $5M and up category. But the Total Number of Home Sales dropped 27% from 11 to 8. East Hampton area (which includes Wainscott) realized significant increases in the Number of Home Sales and Total Homes Sales Volume of 29% and 52% respectively. In this particular market the $2-$3.49M price category increased 125% from 4 to 9.
Sag Harbor and Sag Harbor Area (which includes Noyack and North Haven) experienced the most contraction in Median Home Sales Price (Sag Harbor Village) at -49% and Total Homes Sales Volume (Sag Harbor Area) at -61%. These two markets combined though make up for only 34% of the 414 home sales for the quarter, therefore they do not cause the “needle to shift” too dramatically.
All in all it was a good quarter of consistent increased home sales activity in the 12 Hamptons markets monitored by TOWN & COUNTRY.”