“The third quarter Hampton reports are out and shows continued growth with median prices up almost 6 percent and total sales up 8.2 percent,” explained Robert M. Nelson, Hamptons Senior Managing Director, about the Brown Harris Stevens 3rd Quarter 2017 Hamptons + North Fork Market Report.
Overall, the total number of 3Q17 South Fork sales increased by 8.2 percent, from 316 in 3Q16 to 342 in 3Q17, and the total dollar volume also grew by 8.2 percent to $599,954,306. A majority (37.7 percent) of South Fork 3Q17 sales were between $500,000 and $1,000,000.
The East Hampton area saw the highest total dollar volume of all the areas covered in the report at $159,000,000, and also covered 24 percent of the total number of sales.
“The $10 to $20 million price range saw a large increase in closings and the over $20 million closings were noted in East Hampton Village,” Nelson reflected.
Bridgehampton was also extremely desirable during 3Q17. “East of the canal, Bridgehampton saw the greatest relative increase in the number of sales, with a jump of 111 percent,” he said.
The Westhampton area was also red hot, resulting in the highest numbers of sales (32 percent) with 104 transactions, all of which were under $5 million.
“West of the canal, Quogue saw the greatest percentage increase in the number of sales of 140 percent,” Nelson added.
Over on the North Fork, total dollar volume increased by 17.8 percent to $96,975,765.
“The North Fork average sales price for 3rd quarter rose 9.8 percent with median price up 16.9 percent,” Nelson noted.