The online version of the Prudential Douglas Elliman 1Q 2009 Hamptons/North Fork Market Overview [Miller Samuel] is available for download. Sorry, but I was tardy posting this report to my site after the initial release and coverage.
I have been writing various incarnations of the New York regional market report series for Prudential Douglas Elliman since 1994. The President and CEO of Prudential Douglas Elliman, Dottie Herman, is a big believer in publishing market data to create more transparency for consumers in the markets her firm serves – Manhattan to Montauk.
…There were 201 sales in the first quarter, down 49.8% from 400 sales in the same period last year and 72.9% from the same period five years ago, which had 742 sales. The number of sales dropped 44.6% from the prior quarter, which had a total of 363 sales. The slow down in activity is attributable to the credit crunch, employment and compensation concerns on Wall Street and recessionary economic conditions. As a result of the decline in the number of sales listing inventory expanded. There were 2,289 properties available for sale at the end of the first quarter, up 23.9% from 1,848 properties during the same period last year. The combination of rising inventory and declining sales resulted in a jump in the monthly absorption rate – the number of months to sell all existing inventory at the current pace of sales – to 34.2 months, from 13.9 months in the prior year quarter and up from 17.2 months in the prior quarter… on the high water mark set in their local market in the past few years, rather than in line with current conditions…
Download report: 1Q 2009 Hamptons/North Fork Market Overview [pdf]