Corcoran Group Real Estate (corcoran.com) released its First Quarter report last Thursday, showing a significant increase in East End sales activity.
The number of closed sales increased 38-percent and sales volume rose by 27-percent,” reads the report. “While sales volume and number of sales increased, market-wide median price rose a minor 1-percent and average sales price decreased 8-percent. This reflects an increase in sales occurring at the lower end of the market as first-time homebuyers and investors were active in the Hamptons market this quarter, especially in communities west of Shinnecock Canal. Luxury properties traded at lower price points vs. a year ago, which contributed to market-wide sales being more diversified across all price categories this quarter.”
According to the report, in Sag Harbor/North Haven, the average sales price in the first quarter of 2014 was $1.65 million, a 30-percent increase over the same period in 2013. The median home price also increased by 59-percent, from $740,000 in 2013 to $1.180 million in the first quarter of 2014. Sales were up 81-percent, from 48 in 2013 to 87 in 2014 with a total volume of $143.118 million compared to $60.952 million in 2013.