optopessim_home.jpgFinal sales figures for the third quarter were released a week ago and it explained why so many agents have “taken off for the holidays”. The question is: How many will be coming back?

According to Long Island Profiles, the number of sales recorded during Jul-Aug-Sep 2006 for Southampton and East Hampton Townships, which primarily make up “The Hamptons”, were down approximately 40% from 2005.  In addition, the median price fell in the market by about 7.5 %.

Southampton Quarterly Sales Results (2002-2006)

East Hampton Quarterly Sales Results (2002-2006)

For those searching for any positive news in the figures, it appears that the average sales price has held, and even increased slightly to nearly $1.4million for the market. 

Preliminary reports for the 4th qtr indicate a lesser drop in ’06 vs. ’05 of around 30%, which is still significant.

Conventional wisdom says that the “market picks up in the spring” and “with bonuses being so big on Wall Street, this should be a banner year for Hamptons real estate”.   

If the last month (December) is any indication of things to come, I’d say we’ll have quite a good ’07. There have been quite a number of deals in all ranges of the market since Thanksgiving. Those, however will not be reported until after they close, usually a three month delay.  md