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Houses for sale are piling up in the Hamptons market, increasing 82 percent in the fourth quarter of 2018. If you were thinking of buying, now would be a good time to catch a Jitney out East.
Some of the same symptoms of Manhattan’s sluggish market, slowing sales, and growing inventory, are being seen in the Hamptons and the North Fork, according to Douglas Elliman’s latest market report for the area.
The Hamptons inventory uptick was notable because it comes after a 12-quarter decline.
“A big story here is the increase in inventory year-over-year,” says Carl Benincasa, Elliman’s regional vice president of sales for the Hamptons. He pointed to the 82 percent jump in listings in the Hamptons compared to a year ago, saying there are “greater opportunities for buyers” now.
The median sales price in the Hamptons was unchanged at $995,000 and the average sales price increased 9.1 percent to $2,006,610. The number of sales fell 34.8 percent compared to the previous year. It was the fourth quarter with a decline in sales.
In the North Fork, the median sales price increased 5.4 percent to $630,000, a record high. The average sales price declined 14.7 percent to $719,571, and the number of sales declined by 46.1 percent. Inventory edged up 1.4 percent.
The report also covered the Long Island market.
According to the report, inventory hit a 15-year low after three quarters of year-over-year declines, falling 6.8 percent. Another sign of health: The number of sales rose 2.6 percent.
In terms of prices: The median sales price increased 3.9 percent to $431,000, and the average sales price increased 3.6 percent to $503.335.
“Long Island was a real contrarian to these regional trends—in a good way,” says Jonathan Miller, president of Miller Samuel and author of the report. “The unexpected rise in sales and lowering of inventory was in contrast to what we saw this quarter...in the Hamptons and North Fork.”
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