Hamptons Mimic Manhattan with Home Sales Plunge

Like in Manhattan (and Brooklyn and Queens), home sales in the Hamptons plunged annually in the second quarter of 2008. At the same time, the average home sales price dropped annually and quarterly as well to $1,730,414, according to a new report from appraisal firm Miller Samuel and brokerage Prudential Douglas Elliman. The report covers closed deals for the quarter ending June 30.

The 26.2 percent sales drop from the second quarter of 2007 mirrors a Manhattan year-over-year drop of 21.8 percent, suggesting the oft-cited symbiosis between the two housing markets. Quarterly Hampton sales, similar to Manhattan’s, were up 12.8 percent to 352–that’s still well below the 477 recorded in the second quarter last year.

Like the average price, the median sales price also declined annually, by 11.8 percent to $970,000. (The average was down 12.1 percent annually and 11 percent quarterly.) The median, however, increased nearly 10 percent quarterly.

North of the socially demarcating highway, Route 27, the median price of a home in the second quarter was $870,000, slightly lower than in the last quarter; south of the highway, the median was $1,550,000, a 76.1 percent jump from the first quarter and a modest rise from the second quarter last year.

The number of unsold Hamptons homes on the market remained virtually unchanged from the first to the second quarter, but increased nearly 37 percent annually.

More on the East End second-quarter housing numbers to come. Hamptons Mimic Manhattan with Home Sales Plunge