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| Peter Turino |
New York, NY -- According to the fourth quarter market
report for single-family home sales on the East End of Long Island released
today by Brown Harris Stevens, the number of sales in the Hamptons rose
16% from the fourth quarter of last year, with the number of sales of $2.5
million and over up 98% over the same period.
Both the average and median price on the South Fork
increased. At $2,171,928, the average price was 27% higher than the fourth
quarter of 2011, while the median rose 16% to $975,000.
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| Long Island, NY, South Shore, Tobay Beach |
"The increase
in sales volume for 2012 indicates that the Hamptons market has stabilized
since the recession and is returning to a normal growth cycle," said Peter Turino, president of Brown Harris Stevens of the Hamptons.
"While unlikely
to explode with activity, the market is regaining lost momentum as many buyers
and investors are willing to purchase at current price levels. This continued
steady growth in sales is encouraging,"
"Like many
markets, we experienced a surge of closings in December due to pending tax law
changes, however there are still plenty of buyers that are actively looking
now. Sale transactions are being done this month during what is normally a
quiet time which is additional evidence that this market is turning a corner."
For a complete
copy of the company’s news release, please contact:
Jennifer Little
Rubenstein Public Relations
212.843.8364
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