AgentMarkets & Economy

Hamptons home sales likely to heat up despite slow winter

Despite declining in transactions, report shows rising annual home prices in the Hamptons.
  • The number of home sales across the Hamptons plunged by 21.1 percent in the first quarter. The number of sales dropped from 384 to 303 in just a year’s time.
  • Westhampton and East Hampton tied with 27 percent of Hamptons sales by market area.
  • The single town with the most sales, by far, was East Hampton at 66 – a drop from 70 in the first quarter of 2015.
  • While transactions may have slowed, the real estate firm says the recent price trends are positive for the upcoming buying season.

The Hamptons, NY/Flickr user Alessandro Barbini Temperatures are rising, and so are Hamptons home prices -- just in time for the summer destination to open for business. The average overall home price rose 9.8 percent during the first quarter of 2016 to reach $2.073 million from $1.888 million last year, according to a Brown Harris Stevens Hamptons report. Correspondingly, the median price rose 4.4 percent to reach $999,000 from a previous $957,000 in the first quarter of 2015. While prices undoubtedly grew, the number of sales across the popular summer destination plunged by 21.1 percent in the first quarter. The number of sales dropped from 384 to 303 in just a year’s time. Peter M. Turino, president of Brown Harris Stevens Hamptons, said the first quarter of 2016 showed an overall reduction in the number of sales on the South Fork by 21 percent year-to-year, while the number of transactions on the North Fork rose by 13.4 percent "But the average price on each F...