Real Estate

Hamptons Home Sales Surge 52 Percent Year-Over-Year

Wall Street money fueled a 52 percent jump in Hamptons home sales during the first quarter of 2014 compared to last year, according to Bloomberg News. 

Bloomberg reported that 528 transactions were completed in the first three months of 2014, up from 347 during the first quarter of 2013.

According to Bloomberg, “home sales in New York’s Hamptons, the beach retreat for financiers and celebrities, surged in the first quarter as stock-market gains and fatter Wall Street bonuses fueled demand for luxury properties.”

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The average days on the market according to Douglas Elliman’s most recent report 1Q/2014 listing inventory listing discount remained constant at 5.5 percent. The average days on the market fell to just around 122. These statistics represent a significant stabilization of the market following the perceived bump initiated by the “fiscal cliff” at the end of 2012.

Statistics are according to Douglas Elliman marketing analysis and reports are available online.

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Days on market edged higher as listing discounts declined. The average number of days to sell a property increased 3.8 percent to 108 from the prior year quarter. Listing discount fell to 5.9 percent from 7.9 percent over the same period.

Price indicators rose along with the entry threshold.

Median sales price increased 6.2 percent from the prior year

First quarter and the luxury price threshold began at $750,000, up 8.7 percent over the same period last year.


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