As predicted, the 2014 3rd Quarter Home Sales Report recorded some impressive statistics, the likes of which we haven’t seen since 2007.
All 12 markets monitored by TOWN & COUNTRY REAL ESTATE rose… in fact 5 of the individual markets doubled in the Number of Home Sales with East Hampton Village shooting up 200% year over year.
Examining the Total Home Sales Volume, a glaring statistic jumps out with Amagansett exploding by 367% from $11.5M in 2013 to $53.6M in 2014. But what struck me was the Total Home Sales Volume in Bridgehampton (which includes Water Mill and Sagaponack) rose 336% to nearly $160,000,000 in 3 months. Southampton Village came in second for the most dollars to trade hands, with $131,000,000.
Eleven of the twelve markets monitored by TOWN & COUNTRY REAL ESTATE experienced gains in Total Home Sales Volume with only East Hampton Village down by 13.6% and that can be explained by the one sale last year over $10M and none this year in East Hampton Village in that price category.
Bridgehampton (which includes Water Mill and Sagaponack) also steals the crown for the highest Median Home Sales Price at $2,870,000 in 3rd Quarter 2014 – a 59% leap from last year’s $1,806,000 Median Home Sales Price. The Villages of East Hampton and Southampton were not far behind with $2.42M and $2.4M respectively.
Looking at All Hampton Markets Combined, we see very impressive statistics, particularly on the high end. The $3.5M to $4.99M price category increased by a whopping 567% from 3 sales in 2013 3rd Quarter to 20 in 2014 same period. The Over $10M category saw a 450% jump up from 2 to 11 Home Sales – we haven’t seen this much activity on the high end since 2007.
The Total Home Sales Volume for 3rd Quarter 2014 rose 126.5% to $758M transferring and while that seems like a blistering amount of money for the Hamptons in a 3 month period, but I’d like to point out that in the 2nd Quarter 2007 over a billion dollars changed hands.
To view all reports visit 1TownandCountry.com/Reports.
Judi A. Desiderio, Chief Executive Officer
631.324.8080 ext. 221