…The Hamptons and North Fork housing markets
were characterized as having their most active
spring markets in six years, but both with weaker
price levels and modest upticks in listing inventory
and marketing time. There were more sales in the second quarter
spring market than there have been in any
second quarter throughout the past six years.
The second quarter total was 676 sales, 9.2%
more than 619 sales in the prior year quarter. This
total was sharply above the prior quarter result of
381 sales, an unusually light number, given the
mild winter and early spring selling season, which
suggests a timing issue at play. Listing inventory
was 2,452, 5.3% above 2,329 in the same period
last year. As a result, the monthly absorption rate
was 10.9 months, faster than 11.3 months in the
prior year quarter as well as the 12.9-month sixyear