1st Quarter 2010 Hamptons/North Fork Residential Market Overview Reports Market Strength, Increase in Sales Activity Across All Sectors

NEW YORK, April 22 /PRNewswire/ -- The just-released First Quarter 2010 Prudential Douglas Elliman Hamptons Market Overview reveals that the Hamptons/North Fork market was a continuation of the last half of 2009, "with more sales activity caused by lower prices and mortgage rates.  There is a sense of a growing general confidence that the economy is improving," according to Jonathan Miller, President/CEO of Miller Samuel, the firm that prepared the report.

"Deals are being made across all sectors in both the Hamptons and on the North Fork," said Dottie Herman, President/CEO of Prudential Douglas Elliman. "The stand-off between sellers and buyers has ended, as prices have come down.  Our business has doubled since this time last year and the high-end has come back strongly this quarter."

HAMPTONS/NORTH FORK Market Highlights

Overview

Sales activity more than doubled over the past year as buyers took advantage of improved affordability and low mortgage rates. The increase in sales activity this quarter emphasized sales activity in the luxury market which noticeably increased and had the effect of skewing price indicators higher. Inventory levels were similar to the same period last year and when combined with the surge in sales activity, suggests that more inventory is entering the market that can be absorbed.

Hamptons/North Fork Key Trend Metrics

• Median sales price increased 32.2% to $800,000 from $605,000 in the prior year quarter and increased 14.1% from $701,161 in the prior quarter.
• Number of sales surged 141.8% to 486 sales from 201 sales in the prior year quarter but declined 13.8% from 564 units in the prior quarter.
• Listing inventory edged up 1.3% to 2,318 units from 2,289 units at this time last year.
• Days on market was 156 days, 26 days faster than 182 days this time last year.
• Listing discount was 11.6%, down from 12.1% in the same period last year.

SUBMARKETS

The Hamptons

• Median sales price increased 34.6% to $908,500 from the same period last year.
• Number of sales surged 173.1% to 396 sales from the same period last year.
• North of Highway (rt 27) median sales price increased 18.6% to $812,500 from the prior year quarter.
• South of Highway (rt 27) median sales price increased 86.3% to $1,187,500 from the prior year quarter
• East of Shinnecock Canal median sales price increased 67.8% to $1,275,000 from the prior year quarter.
• West of Shinnecock Canal median sales price declined 6.6% to $512,500 from the prior year quarter.

The North Fork

• Median sales price increased 16.3% to $516,000 from same period last year.
• Number of sales increased 60.7% to 90 sales from same period last year.

Luxury Market [Top 10% of all sales]

• Median sales price increased 34.2% to $5,484,934 from the same period last year
• Listing inventory declined 39.1% to 286 units from the same period last year.
• There were 28 sales at or above $5M compared to 7 sales in the prior year quarter.

SOURCE Prudential Douglas Elliman