According to reports by Long Island Profiles for the 4th Quarter 2006, the average sales price for a property in the Hamptons has cracked the $1.5 million mark.
This average is for all properties reported closed by Suffolk County to LI Profiles during the September-December time period and includes residential and commercial properties as well as land purchases. The average is up 16% from the $1.3 million average reported during the same period in 2005.
Note that these figures are “reported” during this period and, due to the lack of current record-keeping practices and an MLS system that most of the major brokerages in the market are not members of, it usually takes 45 – 60 days for actual figures to be compiled and released.
I use the average figure, because I have yet to have anyone I know convince me that “median” figures are relevant. Sure, everyone uses them and keeps comparing them to previous “medians”, but for the average person, explaining what “median” is is like explaining how to program the first VCRs that came out. Imagine if we started keeping batters’ “medians” instead of averages. Or, quick, tell me how many liters are in 5 gallons.
Can’t we all just be relevant? md