Real Estate Market & Stats

THE REAL ESTATE MARKET IN SOUTHAMPTON

WHAT’S SOLD IN THE SOUTHAMPTON REAL ESTATE MARKET . . . A TALE OF TWO MARKETS
Southampton is basically two real estate markets — the village market and the outside-the-village market. The median price of a home in Southampton Village for the forth quarter of 2016 was $2.61M, with 36 homes reported sold.

As the Village is now 99% built out, 54 demolition permits were issued in 2015 & 2016 to make room for newer homes.

Outside the village, but still in Southampton (the hamlets of Shinnecock Hills, Tuckahoe, and North Sea), the median sale price for the forth quarter of 2016 was $1.16MK, with 45 homes reported sold, according to The Real Estate Report, a firm that monitors such things.

SOUTHAMPTON VILLAGE RECENT SALES with PHOTOS
To view recent real estate sales in the Village of Southampton, including photos, address, price, and date of transaction, please click: Sold Village Properties

SOUTHAMPTON RECENT SALES OUTSIDE THE VILLAGE
To view recent real estate sales in the Southampton hamlets of Shinnecock Hills, Tuckahoe, and North Sea, including address, price, and date of transaction, please click: More Sold Properties

Mayor & Mrs. Giuliani in Southampton

Mayor & Mrs. Giuliani in Southampton

ARE YOU WAITING FOR A PARADE?
No, Mayor Giuliani is not in a parade celebrating the turnaround in the real estate market.  He is at the Southampton Fourth of July Parade!

THE SOUTHAMPTON AND NATIONAL MARKETS COMPARED
Food for thought!  If you were considering what to wear today, would you check out the weather forecast in Phoenix, Las Vegas, Detroit, or Miami? Or would you look for a specific weather forecast for where you were going to be?  Perhaps it is just as meaningless to look at the real estate markets in other parts of our country when considering a home in Southampton.

THE SOUTHAMPTON REAL ESTATE MARKET
We believe the stability of Southampton market can be attributed to the uniqueness and over-all desirability of its coveted location.  People want to live and invest here.  Southampton is a life-style.

Early in 2009, for various reasons including stricter underwriting policies by financial institutions and just plain fear, buyers had been standing on the sidelines, paralyzed.  The current Southampton market is brisk — 2014 was a record year in the Village with just over 200 residential units sold.

Today, we see many offers and acceptances, contracts to purchase being signed, and very little inventory.  Buyers are paying cash or seizing the opportunity of near record low interest rates.  This is a great time to buy!

SHORT SALES & FORECLOSURES
Although a sixth of all houses that transferred nationally are either short sales or foreclosures, and 1,414 foreclosures were reported in Suffolk County in 2016, there were only seven foreclosures within the Southampton 11968 zip code and four in the Village.

HOUSING STOCK IN SOUTHAMPTON VILLAGE
When talking about Southampton it is important to clarify whether you mean the Village of Southampton or the Town of Southampton. Southampton Village is a small oceanfront community within the Township of Southampton. Southampton Village comprises 6.8 square miles, less than 5% of Southampton Town’s 140.2 square miles and is only one of seven incorporated villages within the town.

To further complicate your hunt for real estate in Southampton Village, the Village shares the same zip code with other parts of Southampton Town including the Hamlets of North Sea, Tuckahoe, and Shinnecock Hills. Properties in these communities reflect a different market than the Village, where the mantra is location, location, location.

Housing stock is a limited commodity in Southampton Village with only 3753 properties on the tax rolls for 2015.  Prior to 2014, 2004 was a record year for most residential sales with only 176 units sold.  2008 was a record for least sales with 68 units sold.

Vacant land is even more scarce.  In the last fifteen years the largest volume of residential vacant land transfers occurred in 2000 with only 19 units sold.

About half of all Village property is zoned 3-acre residential single-family. Southampton Village is over 95% built out and most of the remaining farmland is not on the market, virtually all sales are of existing homes.  Typically when a house is sold, the new owner will transform the existing house into a home more in keeping with his family’s specific needs.  For many older homes this transformation results in a complete demolition and a newly constructed home.

MARKETING SOUTHAMPTON HOMES
Southampton real estate is unique, both in its nature and how it is marketed. Unlike what is typical of most other locations in our country, most available Southampton homes are “quiet” listings, simply not found on MLS. When you work directly with Joan and Paul, they will share with you additional Southampton properties including those marketed through an automated co-brokerage system only accessible to subscribing brokers.

SOUTHAMPTON MLS
For access to MLS listings,
click here:
MLS

 

ADDITIONAL RESOURCES

Suffolk Research Services, PO Box 775, Hampton Bays, NY 11946, phone: 357-9502, George Simpson, owner, gathers data on all real property transfers on Eastern Long Island. To view other East End real estate data,
click here: Market Charts & Graphs

The Real Estate Report, 474 Montauk Highway, West Islip, NY 11795, phone: 539-7919,
Pat Ammirati, owner, gathers data on all real property transfers in Suffolk and Nassau Counties. To view a comparison of other sales figures by quarter over the last three years,
click here: Sales Statistics by Quarter

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