NY: Hamptons Luxury Home Sales Improving

Midyear reports from Long Island’s top real estate firm are in, and the news looks good for the luxury market.

Brown Harris Stevens reports that the average residential sales prices in the South Fork are up 30 percent, to $2,028,735, from the same period in 2010, and the median sales price rose 18 percent, to $1,095,000, when compared to the second quarter of 2010.

“This quarter marks the return of the high end in the Hamptons,” said Greg Heym, the chief economist at Terra Holdings, the parent company of Brown Harris Stevens. “The high end has come back. But just because we show the average price is up 30 percent in the Hamptons doesn’t mean every home is worth 30 percent more. It means buyers are buying more expensive houses.”

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