“Compared to the third quarter of 2010, home sales in the Hamptons and North Fork jumped 14.7 percent, to 538 from 469, and the median price rose 12 percent, to $700,000 from $625,000”
East End market gains over last year
Third quarter marks second highest number of $5M-plus sales in four years
October 27, 2011 12:00AM
By Leigh Kamping-Carder, The Real Deal Magazine
Just for the record, I have an issue with flowery articles that put a positive spin on data reports that show slight gains after a catastrophic downturn. And to top it off, because there is no single source for home sales on the East End ( because the brokers are still refusing to employ an MLS system in order to keep out competition) every report has different data and is interpreted differently. The report below shows a decline in Q3 2011 vs Q3 2010…who’s right?
Yes, sales are increasing in some areas and in the higher price ranges, but there are still thousands of homeowners who are under water, stuck in their homes, unable to sell and don’t know where to turn or what to do.
Any improvement is good, but let’s be realistic about where we’ve been and where we are.
Here’s a table of 3rd Quarter sales on the East End from 2007 to 2011.
This is a market where every other resident has their real estate license (in hopes of fortune and fame) and many of people we know bought multiple properties in the “Roaring 00’s
when the number of sales are down nearly 40% from 2007 and the sales volume is down nearly one-half billion dollars, that’s not great news.
| East End 3Q 2011
| East End 3Q 2010
| East End 3Q 2009
| East End 3Q 2008
| East End 3Q 2007