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Hamptons.com
January 26, 2017

Sales Across All Hamptons Real Estate Markets Decline

Nicole Barylskiby Nicole Barylski
in Real Estate
Home Real Estate

Even though Q4 of 2016 brought a 3.8 percent decrease in the median sales price of Long Island homes and 4.2 percent decrease in average sales price (from $491,070 in Q3 to $470,605 in Q4), the number of sales from Q3 to Q4 was down 16.2 percent – from 8,362 to 7,008, according to the 4Q Elliman Report. Houses were also on the market 6.9 percent longer, from 87 days in Q3 to 93 days in Q4.

However, year over year, both the average sales price and median sales price slightly increased. In 2015, the average sales price was $452,629 in Q4, while in 2016 it $470,605 in Q4. The median sales price came in at $371,383 in Q4 of 2015 and increased 4.9 percent to $389,450 in Q4 of 2016.

“It was the most fourth quarter sales in 12 years and lowest quarterly inventory recorded in more than 13 years,” noted Jonathan J. Miller, President and CEO of Miller Samuel Inc.

In the Hamptons, the average sales price ($1,676,410 in Q4 of 2016) continued to decline with a 29.7 percent drop from last year ($2,383,499 in Q4 of 2015).

“The market remains as it has for the past six months,” explained Paul Brennan, Associate Broker and Douglas Elliman’s Executive Manager of Sales for the Hamptons. “The higher end is still slow but the lower end is percolating.”

The median sales price increased from $825,000 in Q3 to $925,000 in Q4, a 12.1 percent increase, although year to date, the median sales price was down 5.3 percent.

“The market remains soft at the top,” added Miller. “Sales declined across all markets but larger declines were seen over the $5 million threshold.”

The number of sales was up 1.4 percent – from 517 in Q3 to 524 in Q4, but it fell 13.7 percent year to date. The listing inventory dropped 14.3 percent – from 1,533 in Q3 to 1,314 in Q4.

In the luxury Hamptons market, the number of sales increased 1.9 percent from 52 in Q3 to 53 in Q4, however it was down 14.5 percent from year to year.

“Price trends were down because of fewer high end sales – after considering the shift in the mix, the market was essential flat in the mid-tier, rising below $1 million and declining above $5 million,” said Miller.

Listing inventory dropped in the luxury market 4.9 percent from 263 in Q3 to 250 in Q4, but year to year increased 20.8 percent.

“Supply is declining overall but still rising in the luxury market, which suggests continued weakness over the next several quarters,” noted Miller.

The average sales price declined 17.3 percent from $8,538,746 in Q3 to $7,058,240 in Q4 and was down 42.6 percent year to year. The median sales price also saw a significant decrease from $6,250,000 in Q3 to $5,850,000 in Q4 and it was down 29.5 percent year to year.

“The real question is, what will it take to get the higher end moving?” Brennan pondered. “Especially as the ‘normal’ house market is doing well on Long Island, the North Fork and the rest of the country.”

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  • The Hamptons have seen their fair share of collaborations and takeovers this summer. Still, nothing compares to The h.wood Group and Chase Sapphire Reserve’s transformation of Montauk hotspot Mary Lou’s into Delilah Montauk.⁠
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The four-day takeover combined unforgettable dining experiences with show-stopping live entertainment featuring performances by Zack Bia, Alesso, Gwen Stefani, and DJ Pee.Wee (Anderson Paak). ⁠
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Exclusively for Chase Sapphire Reserve cardholders, diners were treated to white glove hospitality and Delilah’s staples, including the famous chicken tenders and tuna tartare, and bold twists on Hamptons classics like lobster rolls, striped bass crudo, and crab and avocado toast. 

Check out more at Hamptons.com (Link in Bio)

#gwenstefani #alesso #djpeewee #chasesapphirereserve #delilahmontauk #montauk #hamptons
  • LVIS thrift shops are open Tuesdays through Saturdays 10 AM through 5 PM

donations are accepted Wednesday through Saturday 10 AM through 1 PM by appointment 

located at 95 Main St East Hampton
  • Check out the Top Hamptons Events This Weekend!⁠
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🚗 The Bridge IX⁠
📅 Sat, Sept 13 | 2–7PM⁠
📍 The Bridge, Bridgehampton⁠
Over 300 rare automobiles showcased across stunning landscapes.⁠
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🎬 23rd Annual Surf Movie Night⁠
📅 Fri, Sept 12 | 5:30–9PM⁠
📍 Southampton Arts Center⁠
Surfboard swap, live music & outdoor film screening. 🌊⁠
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🍝 San Gennaro Feast of the Hamptons⁠
📅 Sat, Sept 13 – Sun, Sept 14 | 10AM⁠
📍 Hampton Bays⁠
Italian pastries, live entertainment & fireworks Sat @ 8:15PM 🎆⁠
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🎭 In Process: Roderick George⁠
📅 Sat, Sept 13 | 7PM⁠
📍 Guild Hall, East Hampton⁠
A special in-process presentation of The Missing Fruit (Part I).⁠
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🎤 Sheena Easton at WHBPAC⁠
📅 Sat, Sept 13 | 8PM⁠
📍 Westhampton Beach PAC⁠
Grammy-winning artist live on stage!⁠
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☕ Cars & Coffee⁠
📅 Sun, Sept 14 | 9–11AM⁠
📍 Bridgehampton Museum⁠
Classic & exotic cars, food, drinks & live music.⁠
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🛍 Hampton Vintage⁠
📅 Sun, Sept 14 | 10AM–5PM⁠
📍 Westhampton Beach Village Green⁠
Shop unique vintage finds!⁠
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🎶 Hamptons Festival of Music Finale⁠
📅 Sun, Sept 14 | 4PM⁠
📍 St. Luke’s Church, East Hampton⁠
Featuring Cimarosa, Berlioz & Beethoven.⁠
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🍷 Wine Dinner with Pradorey at R.AIRE⁠
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Five-course tasting menu with exquisite wine pairings.⁠
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🎥 Toy Story 30th Anniversary Screening⁠
📅 Sept 12–15 | Various Times⁠
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#carshow #hamptons #sangennaro #sangennarofeast #winedinner #bridgeIX
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📸: Patrick McMullan/PMC⁠
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Check out the full gallery at Hamptons.com (Link in Bio)⁠
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#arf #bowwowmeowball #hamptons #animalrescuefund #animalrescue
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