Bubble Wrap
Entry
Market Reports: Spring Kinder to the Hamptons than Winter
Curbed Hamptons wraps up the Miller Samuel/Elliman market report on the Hamptons, which brings no big surprises. The report reveals mostly everything in a state of decline except the number of transactions, which is up from Winter.
Elliman cites ‘historic low mortgage rates and seasonal trends’ to explain the slight upturn in sales, while blaming declines expanded inventory, long marketing times and sellers who list homes at prices higher than ‘current conditions support’. (PriceUppers, that’s you.) When broken down by location, North of the Highway median sales price declined just 18.1% to $712,500 from the same time last year, but South of the Highway homes saw a 41.9% drop to $900,000. Noting the under-used dividing line, the Shinnecock Canal, it seems prices to the east fell 13.1% to $999,750, while west saw a steeper 20.3% drop from 2008 to $490,000.
