NEW YORK, NY---According to the fourth quarter market report for single-family homes on the East End of Long Island released today by Brown Harris Stevens, the average residential sale price in the South Fork of $1,708,983 was down 8% when compared to the fourth quarter of 2010. At $842,500, the median price was down 13% over that same period.
“It is encouraging to see an increase in the number of sales in the Hamptons. It reflects the level of activity we are currently experiencing,” said Cia Comnas (top right photo) executive managing director of Brown Harris Stevens of the Hamptons. “Our report reflects 298 single-family home sales in the fourth quarter, up 3% from the same period last year.”
Report highlights include:
On the South Fork, sales under a $1 million rose 16% with 178 closings in the 4th quarter of 2011 and 153 in the 4th quarter of 2010.
In the Amagansett market, the number of sales was unchanged from the same period last year with sales under $1 million comprising 10% more of the market than in the fourth quarter of 2010.
Both the average and median prices in the Bridgehampton market rose sharply due to a significant increase in sales over $8 million.
Sag Harbor saw the biggest increase in the number closings with 33 in the 4th quarter of 2010 and 56 in 2011’s 4th quarter.
Both the Southampton and Westhampton markets were on par with the same period in 2010.
For a complete copy of the company’s report, please contact:
Jennifer Little
Rubenstein Public Relations
212.843.8364
Brown Harris Stevens
Cia Comnas, executive managing director
Gregory Heym
Chief Economist
Kielley Young
Research Associate
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