Hamptons’ Real Estate Sales Jump 141.8%
April 24, 2010 by admin
Filed under Positive Real Estate
- Image by Michael McDonough via Flickr
Hamptons‘ Real Estate Sales Jump 141.8% Year-Over-Year in Q-1, Says New Prudential Douglas Elliman Report
According to Manhattan-based Prudential Douglas Elliman’s latest Hamptons and North Fork market reports, there were 486 sales in the first quarter, 141.8% more than the 201 sales of the prior year quarter, but 13.8% below the 564 sales in the prior quarter, which was a two-year high. The last three quarters of sales activity has been consistent with the quarterly average of the past 5 years. Gains in the financial markets, Higher Wall Street compensation, low mortgage rates and improved affordability have stimulated demand. Despite economic turmoil of the past two years, the East End housing market, which is driven by its second home market, has continued to keep pace with the New York City housing market. Although there were sharp gains in the number of sales, up from levels not seen in at least six years, listing inventory rose. There were 2,318 listings, up 1.3% from 2,289 listings in the same period last year and up 7.4% from 2,159 listings in the prior quarter. Re-sale shadow inventory, which consists of listings that were removed from the market in the prior year due to unfavorable market conditions, is being added to the current market. The recent inventory increase is consistent with a seasonal pattern of a rising number of listings after the first of the year as sellers anticipate higher demand in the spring. As a result of a rising number of sales and stable inventory, the rate of absorption–the number of months to sell off existing inventory at the current pace of sales–was 14.3 months, down from 34.2 months in the same period last year and slightly above the 13.1 month absorption rate of the past four years.
More:
http://www.realestatechannel.com/us-markets/residential-real-estate-1/real-estate-news-the-hamptons-real-estate-sales-prudential-douglas-elliman-dottie-herman-luxury-home-sales-in-the-hamptons-2416.php
Comments
Feel free to leave a comment...
and oh, if you want a pic to show with your comment, go get a gravatar!
You must be logged in to post a comment.