A Real Estate Bounce?

    The numbers, as they say, do not lie. According to Town and Country, an East End real estate firm that provides detailed information from 11 different markets in the area,  some villages and towns have made notable jumps in sales, while some have stayed stable, and only two have not met the sales for the previous quarter.
    Leading the way is Shelter Island with a 44.4-percent gain in the number of houses sold compared to the same quarter last year, followed closely by Bridgehampton, which includes, in this study, Water Mill and Sagaponack, with a 40-percent jump due in part to “the ‘super ball’ bounce in the Sagaponack south market,” according to a statement from Judi Desiderio, the chief executive officer of Town and Country. “There’s nothing like investing in East End dirt.”
    Amagansett experienced a 24-percent gain in sales and a 13-percent increase in median home prices. Southampton Village has seen the largest jump in market sales, with median home sales up 41 percent, and a 135-percent gain in home-sale volume, or the dollar amount of the sales.
    In the East Hampton area, including Wainscott and Springs, the prices for the houses sold have increased, but there were fewer sales than in any other area on the East End, according to the report. However, East Hampton Village had the same number of sales as the same quarter last year — eight to be exact — but their combined sales prices were double what they were in 2010. So, although there were no sales jumps, there was a 91-percent gain in total home sales volume.
    Montauk, like East Hampton Village, had almost the same number of sales as the same period last year — one fewer — but had a 14-percent jump in volume, due to the increased prices of the properties sold.
    The property sales in Sag Harbor, which includes Noyac and North Haven, tell an interesting story. Twenty houses sold in the second quarter of 2011, compared to 25 in 2010, but the money generated by those sales rose from $31 million in 2010 to over $57 million this year, an 84-percent jump.
    Over all, according to the report, the total home sales value for all 11 Hamptons markets is up 28 percent from $586 million in the second quarter of 2010 to $751 million in the same quarter this year. That was coupled with a 14-percent increase in the median home sales price from $925,000 to $1.05 million.