Pricey Properties Buoy Hamptons Real Estate


It’s a tale of two forks out in the East End, according to third-quarter market surveys released today, with one region looking rosier than the other. In the North Fork, there were 21.7 percent more transactions from July to September this year compared to the same period last year, according to Prudential Douglas Elliman. At the same time, it’s taking eighteen days longer to sell a house now, and they’ve gotten cheaper: The average price slid by 3.3 percent.

Meanwhile, the Hamptons seem brighter by comparison. There were 12.4 percent more transactions this quarter, and the average price climbed 18 percent to $1,745,466. Higher-end properties helped buoy prices. Elliman’s report noted 30 sales worth $5 million or more, compared to just 11 in the third quarter of 2010.

Properties in the $1 million to $2.499 million range saw their market share increase by 5 percent from last year, according to Brown Harris Stevens. (They now comprise 26 percent of total sales.) Houses priced between $4 million to $7.999 million also gained 4 percentage points. But there were fewer takers for cheaper properties. Houses below $1 million shrunk to 57 percent of all sales in the area, from 67 percent a year ago.