Opinion: Numbers Show Southampton Real Estate Market Rebounding

Some colleagues from other parts of the country describe their local real estate markets as being stuck in a rut.

Some particularly hit locales are experiencing median prices of 10 years ago and a third of all houses are being sold as short sales or foreclosures. We are blessed that this is not the case here, with the volume of distressed homes at a minimum. In close proximity to Manhattan, our local market seems to benefit from generous Wall Street bonuses.

While perusing statistics, we've made an interesting observation about the Southampton 11968 real estate market. Numbers from Suffolk Research of Hampton Bays show that although sales for 2010 were about half of the 2004 and 2005 levels, median prices reported so far for 2011 are at our highest level in history.

People searching for homes in our community typically start on the web. Some great resources for prospective buyers to start their search of the local market include HREO.com, Realtor.com, Trulia.com, Zillow.com and StreetEasy.com

We wanted to know just how many properties are available for sale. We took a look at the information provided to real estate brokers by HREO. We found 954 listings in Southampton including 377 in Southampton Village. We found an additional 266 in the hamlet of Water Mill, 300 in the hamlet of Bridgehampton and 140 in Sagaponack Village.

This is great for people wanting to experience the Southampton lifestyle and become part of our community. There is much to choose from, and interest rates for financing are quite low, making this an ideal time to buy.

What has been selling? Our website, SouthamptonRE.com, shows photos and descriptions of nine Southampton Village properties that have sold so far this year.  In the last two weeks we are aware of three. One is a basic affordable condominium built in 1963. The other two are mid-market homes, both constructed in 2008.

Unit 29 at 26 Layton Avenue, the Layton House Condominiums, transferred last Wednesday for $360,000.  This second floor corner unit consists of two bedrooms, one bath and 1038 square feet and is located a block south of the train station. The property was only on the market a short time. It had been listed for $375,000 on Jan. 12. Typically, when a home is priced properly, it generates excitement and sells quickly.

On Toylesome Lane, number 115 sold last Monday for $4.1 million.  This 4650-square-foot, five-bedroom, five-and-a-half-bath home south of the highway on .29 acre with a heated gunite pool boasts an outdoor fireplace and a finished lower level with a home theater.  It was originally listed Feb. 28, 2008 at a pre-construction price of $4.2 million and priced at $4.7 million on Oct. 22 2010.  StreetEasy.com shows the home on the market a total of 1,084 days.

On Halsey Street, number 143 sold March 10 for $2.7 million.  This 3422-square-foot, five-bedroom, six-bath home on .27 acre with a heated gunite pool also has a finished lower level. It was priced at $3.5 million on April 9, 2009 and reduced on Nov. 7, 2010 to $2.9 million.

Still waiting for that perfect house?  It may be just around the corner.