They say, if you look long enough, you can find a silver lining in everything, and somewhere within the myriad fourth quarter 2018 real estate reports, there undoubtedly must be. We’re looking …
The trouble is, all of the major realtor reports are based on the same data: the deed transfers filed with the county clerk during the last three months of the year, and those numbers aren’t pretty.
Still, we’re looking . . . and we’ve found one: the average sales price in the Hamptons increased 9.1 percent to $2.01 million, according to a report from Douglas Elliman.
The rest of the news, though? Not so good. The number of sales declined year over year for the fourth consecutive quarter, and that spells S-L-U-M-P, kids. In fact, Hamptons sales in the fourth quarter of 2017 (360) were down a whopping 34.8 percent over the same quarter a year earlier.
Scarier still, listing inventory is up, up, and away: 2197 units as compared to 1208 a year earlier. Rational minds would conclude we have a market glut, but those of us in the biz never say glut and never think rationally. There may well be a suitcase full of deed transfers concluded but yet to be recorded, and that would make sense of this whole affair.
Elliman also reported:
The ratio of Hampton sales above and below the $1 million threshold remained essentially unchanged.
Luxury sales at or above $5 million reached their highest market share in three years.
Luxury listing inventory continued to rise as sales declined.
The North Fork is a different animal altogether. Elliman reported “record prices with fewer sales and more inventory.” Indeed: The average sales price in the fourth quarter 2018 plummeted to just under $800,000 from $844,000 in the year-ago quarter. However, the average sale price for the year managed a 7.5-percent increase.
The number of sales declined sharply year over year for the third consecutive quarter.
Listing inventory remained relatively stable, with nominal changes over the past three quarters.
Luxury price trend indicators rose sharply as listing inventory fell by half.
New Davis Offering In Sagaponack
Michael Davis has built scores of luxury homes in Sagaponack. In his latest creation, he has spared no expense on the country home located at 494 Hedges Lane in Sagaponack. For one thing, it has a whimsical, playful edge. The house was created to be enjoyed by friends and family — it sleeps 12 comfortably.
Outside there are a 60-foot pool & spa, pergola, pool house, and a sunken tennis court. The home’s lower level features a state-of-the-art golf room, home theater, rec room, and gym. Leading from the 14-foot-ceiling great room is a gorgeous den with a full wet bar and storage units that hold more than 200 bottles.
With 7600 square feet of living space above ground and over 4400 square feet in the finished lower level, the traditional is listed with Terry Cohen of Saunders for a cool $23.5 million.
Douglas Elliman Real Estate is pleased to welcome back agent Gioia DiPaolo