It doesn’t happen often but occasionally the statistics surprise me. As I always say “the numbers don’t lie. They tell it like it is!” And this Home Sales Report on the first 3 months of 2015 is a mixed bag. I had anticipated a blow away report based on activity in all 8 TOWN & COUNTRY offices but the fact is two-thirds, or 8 of the 12 markets monitored by TOWN & COUNTRY experienced a reduction in the Number of Home Sales, as well as Total Home Sales Volume. In fact, 2 markets, Sag Harbor Area (which includes Noyack and North Haven) and Shelter Island, both sank over 50% in Total Homes Sales Volume and white hot Montauk dropped 46% in the Number of Homes Sales. Strange, right?
On a positive note, Sag Harbor Village rose 31% in the Number of Home Sales and East Hampton Village posted a whooping 59.2% spike in the Total Home Sales Volume. Certainly a darling quarter for East Hampton Village, which was firmly in the black in all 3 criteria TOWN & COUNTRY analyzes – Number of Home Sales (+14%), Total Home Sales Volume (+59.2%) and Median Home Sales Price (+23.2%).
Southampton Village saw the greatest gain in Median Home Sales Price at 37% from $1,677,500 to $2.3M year to year. But truth be told, Southampton Village, East Hampton Village and Bridgehampton (which includes Water Mill and Sagaponack) markets ordinarily hover between $2.5M and $3M quarterly for Median Home Sales Price.
In this report, Bridgehampton (which includes Water Mill and Sagaponack) had an impressive 1st Quarter 2015 with a Median Home Sales Price of $3M and a staggering $230,201,000 Total Home Sales Volume, which is 30% of All Hamptons Markets Combined for Total Home Sales Volume. Bottom line, the Mill Bridgehampton Market (which includes Water and Sagaponack) sold more high-end than any other market. In fact, 6 of the 9 sales $10M-$19.99M were in Bridgehampton (which includes Water Mill and Sagaponack) and 1 of the 2 over $20M was also Bridgehampton (which includes Water Mill and Sagaponack), the other was in Southampton Village.
The big surprise though – All Hampton Markets Combined realized a dip in the Number of Home Sales, Total Home Sales Volume and Median Home Sales Price. Is this the trend for 2015?