The South Fork
The South Fork market experienced a drop in sales but overall price figures held steady. The number of reported sales and total sales volume were both down 15%. East Quogue/Hampton Bays, Quogue Village/Quogue and East Hampton Village had an increase in reported sales versus Fourth Quarter 2017. Reported sales in Southhampton and Remsenburg/Westhampton were unchanged year-over-year. All other areas saw a decline in sales. On a percentage basis, the sharpest decline in reported sales was in Shelter Island, with a 55% drop. East Hampton had the largest decrease in the absolute number of sales, accounting for almost half of the overall Hamptons decline.
While average price was essentially the same as last year, and median price was up just 1%, some areas had more significant swings in price statistics. East Hampton Village average price increased 48% year-over-year as the number of sales reported over $5M doubled. In Montauk, average price rose 29% because there also were more sales over $5M reported. However, a greater share of sales occurred under $1M, driving median price down. The biggest price drops occurred in Quogue Village/Quogue (-33%) and Water Mill (-38%). Quogue had significantly more sales under $2M this quarter. Whereas in Water Mill there were significantly fewer sales over $4M this quarter.
The North Fork
Like the South Fork, North Fork sales were down in Fourth Quarter 2018. The number of reported sales declined 21% year-over-year. A big drop in Aquebogue/ Jamesport comprised most of the decrease, while Southold also reported fewer closings. Reported sales in the other areas were more stable.
The decline in sales was more concentrated at the low-end of the market. This drove price statistics higher, with average price up 22% and median price up 21%. Aquebogue/Jamesport had a 6% decline in average price, but all other areas saw an increase. East Marion/Orient average price notably rose 60%, as there were double the number of sales over $1M. Median price there, however, was essentially unchanged versus Fourth Quarter 2017.