MEDIAN HOME PRICE IN HAMPTONS RISES TO RECORD $1.07M
The stock market is up. Must be time to splurge on a mansion in the Hamptons.
Buyers in the Long Island resort towns opted for more-expensive properties in the second quarter, sending the median sale price for a single-family house to a record $1.07 million, up 7.5 percent from a year earlier, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. Forty-eight homes priced at $5 million or higher changed hands in the three months through June, the most for any quarter since the end of 2015.
The Hamptons, a second-home market whose health is tied to the fortunes of New York’s financial industry, is benefiting from stocks at record highs and a Wall Street bonus pool that has climbed for the first time in three years. Sales of single-family houses jumped 26 percent in the quarter from a year earlier to 674, Miller Samuel and Douglas Elliman said.
Buyers still demanded a deal, however. Eighty-six percent of purchases of houses and condos in the quarter were for less than what the seller sought, said Jonathan Miller, president of Miller Samuel. The average discount was 12 percent from the last asking price.