Deals for less than $500,000 fell 12 percent to 57 -- because there weren’t many such properties available, Town & Country Real Estate said in its report on Hamptons. But sales of homes priced between $500,000 and $999,000 jumped 22 percent to 131, and those between $1 million and $1.99 million climbed 12 percent to 76, the brokerage said.
Next Level
“When you look at the inventory under a million, that’s the largest shortage, so buyers stepped up to the next level of the market,” said Ernest Cervi, a senior vice president at Corcoran Group, which released its own report Thursday.
There were still some ultra-luxury deals, including two for more than $20 million, the same as a year earlier, Town & Country said. But purchases between $5 million and $9.99 million plummeted 56 percent to just 11. While sales were up 30 percent in Bridgehampton, with six deals over $10 million, they plunged 29 percent in the Sag Harbor area, where none of the 17 transactions were for more than $5 million.
For Hamptons brokers last quarter, wrote Town & Country Chief Executive Officer Judi Desiderio, it “was akin to watching a collection of super balls bouncing in all different directions simultaneously.”
This article was provided by Bloomberg News.