Sunday, November 13, 2005

Life's a Beach!

Sales figures just released for The Hamptons 3rd quarter (July-Sept) show continued steady appreciation for 2005.

The Hamptons is an area on Long Island's East End which is approximately 90 miles from New York City and is comprised of the townships of East Hampton and Southampton on the South Fork. For many years, the area's main population consisted primarily of farmers and fisherman, except between Memorial Day and Labor Day when the "city folk" would pack up the family and head out to the beach for the summer. The day after Labor Day was known as "Tumbleweed Tuesday" because the Main Streets of the villages looked like a ghostown after the summer people closed up the beachhouse and went back to work and school. Today, with advances in transportation, communications and the internet, many have made the East End their full-time home and travel into New York City only as necessary. Cottages have been winterized and many of the modest summer homes of years past have been torn down and replaced with much larger, modern homes. Ahhh, progress. Now for the numbers:

East Hampton Township (Wainscott to Montauk) registered 301 total property sales during the 3rd quarter totaling over $385 million. The average sales price was nearly $1.3 million and median sales price was $800,000.

Southampton Township (Eastport to Sagaponack) registered 610 total property sales with over $850 million. The average sales price was just under $1.4 million, and median sales price was $785,000.

Combined South Fork total sales for the three-month period numbered 911, totaling over $1.2 billion, with an average of just over $1.35 million and a median of $795,000.

While the number of sales has increased only 3% over the same quarter in 2004 (911 vs. 884), the figures represent a median price increase of 26% and an average price increase of over 41% for the same period a year ago.

In the two-year period since 2003, the number of sales is up only 6.5% (911 vs. 855), however the median price is up over 72% and the average price is up over 62%.

Frankly, I remain very bullish on Hamptons real estate, especially waterfront properties which have led all segments in appreciation. More later...

True North Realty Associates
Sag Harbor, New York