Comparative 3nd Quarter 2013 market figures, as complied by Suffolk Research Service for the real estate industry of eastern Long Island, show a healthy trend of recovery in unit sales and dollar sales, but a down trend in median price vs 3rd Qtr 2012.
For single family residences, Median Price is down 3.9%, Unit Sales are up 35.4%, and Dollar Sales up 26.1% over 3nd Qtr 2012 figures.
Median price for all five towns fell to $639,000 in the 3nd Qtr of 2013, the lowest of the past 5 qtrs, and some distance away from the 3nd Qtr high of $717,000 in boom year 2007. Median Price changes for the 3nd Qtr 2013, vs 3nd Qtr 2012 were down in four out of the five East End towns: to $780,000 in Southampton – (down 13.3 % from 3nd Qtr 2012); to $895,000 in East Hampton (down 6.3%), $350,000 in Riverhead (down 1.4%); down 10.6% to $429,000 in Southold. Shelter Island had a median price of $760,000 (up 21.6 % on sales of only 22 units, not statistically significant, from the 3nd Qtr of 2012).
Unit Sales are highest in five Quarters and five years. Unit sales increased in all 5 towns of the East End 3rd Qtr 2013, compared to 3rd Qtr 2012.
Dollar Sales this quarter surpassed Dollar Sales in 2007, rising to $1.025 Billion, higher than sales of.$1.005 Billion in the 3rd qtr of boom year 2007.