“Buyer confidence soared to new highs this quarter, which affected sales throughout the East End in early 2017,” noted Ernest Cervi, Regional SVP of the East End, Corcoran, about the First Quarter 2017 Corcoran Report. “We’ve been seeing sales across multiple price points, which is a healthy sign for the market.”
Throughout the South Fork, the average sales price dropped by 16 percent from $2.126 million (Q1 2016) to $1.781 million (Q1 2017). The median sales price slightly decreased with just a 1 percent change from $995,000 (Q1 2016) to $990,000 (Q1 2017), however the number of sales rose from 570 (Q1 2016) to 675 (Q1 2017), an 18 percent difference.
Among the hamlets and villages, most experienced an increase in median price, with Southampton seeing a 47 percent increase, and a 33 percent increase in Southampton Village, where the three highest reported sales happened.
East of the canal (Southampton to Montauk and Shelter Island) saw a noticeable growth in the market share of sales from $1 million to $2 million and $2 million to $3 million, which collectively added a 5 percent share. But, sales over $5 million fell from 9 percent (Q1 2016) to just 7 percent (Q1 2017).
Sales above $5 million west of the canal (Remsenburg to Hampton Bays) also decreased, dropping from 3 percent (Q1 2016) to 1 percent (Q1 2017). Sales in the $500,000 to $1 million range were up from 30 percent (Q1 2016) to 36 percent (Q1 2017), marking the only segment to increase west of the canal.
The Hamptons luxury market took a hit in the First Quarter. The average sales price fell from $10.75 million (Q1 2016) to $7.398 million (Q1 2017), a 31 percent drop. The median price dropped from $6.2 million (Q1 2016) to $5.075 million(Q1 2017), an 18 percent fall, but the number of sales were up by 19 percent, from 57 (Q1 2016) to 68 (Q1 2017).
The First Quarter 2017 Corcoran Report is based upon transactions reported from January through March 2017.