This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.
HAMPTONS 1Q 2013
- Listing inventory continued to fall.
- Number of sales surged.
- Number of sales in excess of $5M dropped as many high end buyers rushed to close at the end of 2012.
- Limited supply beginning to apply upward pressure to stable markets.
- Credit remains tight, restraining supply from entering market, no urgency to list.
- Record low mortgage rates and release of pent-up demand keeping demand strong.
- Less high end sales as tax-incentivized buyers rushed to close at the end of 2012.
NORTH FORK 1Q 2013
- Housing prices up in all segments except for top quintile due to tax-incentivized rush at end of 2012.
- Number of sales fell and listings rose.
- Days on market expanded.
Here’s an excerpt from the 1Q 2013 report:
HAMPTONS…After an unprecedented year end surge in high end closings motivated by tax planning purposes, the first quarter Hamptons housing market saw an unusually low level of high end sales despite a year-over-year increase in total sales. As a result, the price indicators reflected declines, when in fact the housing market was not experiencing falling prices…
NORTH FORK…Sales activity in the first quarter of the North Fork housing market was somewhat weaker than the same period a year ago as the prior quarter “poached” some activity at the close of 2012. Price indicators were generally higher, but sales were lower and inventory was above prior year levels…
The Elliman Report: 1Q 2013 Hamptons Sales [Miller Samuel]
The Elliman Report: 1Q 2013 North Fork Sales [Miller Samuel]
The Elliman Report: 1Q 2013 Hamptons Sales [Douglas Elliman]
The Elliman Report: 1Q 2013 North Fork Sales [Douglas Elliman]
Market Chart Library [Miller Samuel]
Aggregated Custom Market Data Tables [Miller Samuel]