High-end- real estate sales in the Hamptons are essentially back to 2007 levels, with homes moving quickly and prices increasing, according to a new report from Prudential Douglas Elliman.
Notably, the number of active luxury listings (those over $3.3 million) in the Hamptons and on Long Island’s North Fork dropped sharply over the past year to 207, down from 299 during the same quarter last year.
And high-end properties sat on the market for an average of just 98 days in Q2, a month-and-a-half shorter than during the same period last year.
The market share for $1 million+ properties also rose. 38.8% of homes sold on the East End in Q2 went for above that threshold, the second highest level in three years.
Overall, the market share of the high end sales market has been trending higher over the past year, according to the report.
The average price for a luxury home in Q2 was $6.7 million, a 24% jump from the same period in 2010.
Photo: Prudential Douglas Elliman Real Estate
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