The Hamptons remain much more expensive (of course) than the North Fork of Long Island’s East End. Recent second-quarter 2008 numbers from appraisal firm Miller Samuel and brokerage Douglas Elliman showed an average North Fork home sales price of $921,803 based on deals closed in the quarter ending June 30. In the Hamptons, that average was $1,730,414.
The median sales prices were similarly far apart–$605,000 in the North Fork and $970,000 in the Hamptons. Proximity to glam has its price.
But! Whereas the Hamptons’ prices tumbled annually in the second quarter, the North Fork’s jumped.
That $921,803 North Fork average marked a 32.5 percent increase from the second quarter of 2007. The Hamptons average dropped 12.1 percent over the same time. The North Fork median of $605,000 represented a 13.1 percent annual increase; the Hamptons median dropped 11.8 percent.
And! While Hamptons home sales dropped by 26.2 percent annually, North Fork sales increased by 28.6 percent. Both halves of the East End saw sales increases, however, from the first quarter to the second–though the North Fork’s increase was a whopping 114.8 percent, the Hamptons 12.8 percent.