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Elliman Report: Hamptons Sales 2Q 2016
The Hamptons market shifted to a lower number of sales for the fourth consecutive quarter. The number of sales fell 20.5% to 561 from the same period last year, but remained 25% higher than the 450 quarterly sales average of the past decade. Listing inventory declined 9.9% to 1,527 from the prior year quarter, nearly in sync with the 1,522 quarterly average for the decade. As a result of a larger decline in sales than supply, the pace of the market cooled. The absorption rate, the number of months to sell all inventory at the current rate of sales, rose to 8.2 months from 7.2 months in the year ago quarter…
