NEW YORK, Jan. 28 /PRNewswire/ -- The just-released Fourth Quarter 2009 Prudential Douglas Elliman Hamptons Market Overview reveals that the Hamptons/North market was characterized by rising sales activity throughout the year with 55.4% more sales than the same period a year ago, while a ten-year analysis of the trends of the Hamptons and North Fork markets reveals that median prices more than doubled over the decade, even with recent corrections in prices.
"During a recession, the second -home market is generally weak, but what we saw this past quarter was that sales in the Hamptons actually weathered quite strongly," said Dottie Herman, President/CEO of Prudential Douglas Elliman. "And although prices are lower than they had been, our ten-year report shows us way ahead of where we were a decade ago."
"Price indicators were mixed, suggesting stabilizing prices due to the return of more normal sales activity levels, said Jonathan Miller, President/CEO of Miller Samuel, the firm that prepared the report. "Purchasers have been taking advantage of newly found affordability with reduced prices and low mortgage rates."
4th Quarter 2009 Key Trend Metrics
- Median sales price increased 1.6% to $701,161 from $690,000 in the prior year quarter and increased 0.2% from $700,000 in the prior quarter.
- Number of sales jumped 55.4% to 564 sales from 363 sales in the prior year quarter and jumped 22.9% from 459 units in the prior quarter.
- Listing inventory expanded 3.8% to 2,159 units from 2,079 units at this time last year.
- Days on market was 175 days, up from 150 days this time last year.
- Listing discount was 12.5%, up from 15.4% in the same period last year.
- Median sales price increased 4.9% to $917,900 from the same period last year and increased 13.3% from $810,000 in the prior quarter.
- Number of sales surged 59.1% to 409 sales from the same period last year.
- North of Highway (rt 27) median sales price increased 30% to $975,000 from the prior year quarter.
- South of Highway (rt 27) median sales price declined 30.5% to $807,500 from the prior year quarter
- East of Shinnecock Canal median sales price declined 8.3% to $1,117,000 from the prior year quarter.
- West of Shinnecock Canal median sales price increased 4.8% to $550,000 from the prior year quarter.
The North Fork
- Median sales price fell 10% to $450,000 from same period last year.
- Number of sales increased 46.2% to 160 sales from same period last year.
Luxury Market [Top 10% of all sales]
- Median sales price fell 3.4% to $4,500,000 from the same period last year.
- Listing inventory declined 20% to 308 units from the same period last year.
- There were 24 sales at or above $5M compared to 16 sales in the prior year quarter and 20 sales in the prior quarter.
10-Year Hamptons/North Fork Key Trend Metrics
- Median sales price fell 10% to $675,000 from $750,000 in the prior year and was up 105.8% over the last decade.
- Average sales price fell 13.8% to $1,287,525 from $1,494,472 in the prior year and was up 134.8% over the last decade.
- Number of sales fell 7.7% to 1,531 sales from 1,659 sales in the prior year.
- Days on market averaged 179 days, up from 160 days in the previous year.
- Listing discount was 14.5%, up from 10.8% in the previous year.
About Miller Samuel
Miller Samuel is an appraisal and consulting services firm covering the New York City metropolitan area. Miller Samuel provided property valuations of more than $5,000,000,000 in the past year. The company's clients include domestic and international financial institutions, law firms, consulting firms, developers, employee relocation companies, co-op and condo boards, managing agents, individuals and government agencies. The firm developed what is now the largest database of Manhattan co-op and condo sales covering the sales market back to the late 1970s. For more information visit www.millersamuel.com
About Prudential Douglas Elliman
Prudential Douglas Elliman Real Estate is New York's largest residential brokerage, with over 60 offices, more than 3,800 real estate agents and a network of national and international affiliates. Prudential Douglas Elliman ranked in the top four of all real estate companies in the nation in 2007 and 2008, and was recently ranked #1 in the nationwide network of Prudential Real Estate Affiliates. The company also controls a portfolio of real estate services, including Manhattan's largest residential property manager, Douglas Elliman Property Management, as well as PDE Title and DE Capital Mortgage. For more information on Prudential Douglas Elliman as well as expert commentary on emerging trends in the real estate industry, visit the Prudential Douglas Elliman site at www.prudentialelliman.com.
SOURCE Prudential Douglas Elliman