According to the Long Island Edition of The Real Estate Report, the total dollar volume reported for East End (Hamptons and North Fork) real estate sales is down 66% for February 2009. Grim indeed. A few things to keep in mind:
-these are reported sales during this time period. Some of these transfers actually took place in Nov and Dec ’08 and Jan ’09. Due to the “carrier pigeon technology” Suffolk County still uses and the fact that Hamptons brokers still resist implementation of an MLS, there is NO timely reporting for sales on most of the South Fork.
- there was a fairly large block (50+) of small lots sold for $41,000 in Westhampton by Pulte Homes to another developer in these reports. These 50 of 175 sales did bring down the average and median price somewhat, but imagine if these 50 sales didn’t happen? Then the number of sales reported in Feb ’09 would have been down 46% instead of only 24% ( I think that called a cloud in the silver lining…)
- during this 4 week period, there were only 3 foreclosure sales reported.
Here’s some of the numbers:
East End Reported Sales Feb 2009
compiled by m.daly
4 comments
February 27, 2009 at 5:56 pm
Hamptons Foreclosures « Hamptons Real Estate Blog
[...] the East End – Hamptons and North Fork – and many more lis pendens. Feb 09 total volume sales were down 66% from [...]
February 28, 2009 at 2:20 pm
laurie mindnich
Michael, the North fork is having issues as well- the reported sales for February dropped from 35 last year to 17 this year…I guess 50% beats 66%!
March 1, 2009 at 1:36 pm
Hamptons Real Estate 08 - Where the Smart Money is Going « Hamptons Real Estate Blog
[...] Hamptons dollar volume down 66% [...]
March 7, 2009 at 2:11 pm
Hamptons and Manhattan traditionally Lag in a Recession… « Hamptons Real Estate Blog
[...] Hamptons and North Fork Dollar Volume Dow 66% [...]