According to a report from George Simpson, president of Suffolk Research Service, on sales of properties on the East End, the first quarter of 2012 is still showing a downward trend compared to the numbers from the first quarter of 2011.
Two of the most reliable market indicators, median price and dollar sales (the total sales in dollars), both showed substantial declines in the five towns of the East End from the same period last year. The median price was down 12.6 percent from the same quarter last year and dollar sales were down 10.6 percent.
In Southampton, the median sales price of $650,000 was down 16.6 percent compared to the first quarter of 2011. In East Hampton and Shelter Island median sales prices were up — 12.6 percent in East Hampton to $895,000 and 47.2 percent in Shelter Island, with a median price of $795,000. However, the numbers on Shelter Island reflected only eight sales, so were “not statistically significant,” Mr. Simpson’s report says.
Unit sales were up in Southold and Riverhead, stayed the same in Southampton, and fell in East Hampton and Shelter Island.
“The real estate market on the East End isn’t like the good old days,” Mr. Simpson said.
Suffolk Research Service is the oldest and largest information and consulting company serving the East End real estate industry.