The Shelter Island real estate market lagged in the third quarter of 2012 behind the same period last year, according the latest quarterly report by Corcoran, a major real estate firm serving the area. The report uses market-wide data to assess East End trends four times a year.
The total sales volume of residential real estate transactions on Shelter Island was down 32 percent in July, August and September compared to last year’s third quarter, from $15.487 million to $10.603 million, according to the report. The number of transactions remained the same at 13.
The median price was down 44 percent, from $1.325 million to $743,000, and the average price fell 32 percent from $1.191 million to $816,000, according to the report.
The numbers for the East End as a whole show a drop in sales volumes of 1 percent from $737,640,000 $731,469,000 with total sales 542, down 8 percent from 588. On the North Fork, sales volume was down 5 percent from $75.873 million to $72.178 million while the number of sales rose 4 percent from 125 to 130. The median price was down 1 percent from $430,000 to $425,000 and the average fell 9 percent from $607,000 to $555,000.
For the area that Corcoran calls “the Hamptons” — and the company includes Shelter Island with the South Fork in its numbers — total sales volume was virtually unchanged at about $660 million while the number of sales was down 11 percent from 563 to 412. The median price rose 13 percent from $775,000 to $879,000 while the average price was up 12 percent from $1.429 million to $1.6 million.
An exception to the lackluster numbers on the North Fork was found in Greenport, where total volume was up 34 percent to $7,683,000 on 16 transactions, up from 14. The average price was $480,000 during the third quarter compared to $409,000 in the same quarter last year.
The most stellar performers on the South Fork were the Quogue-Quiogue area, with a 75-percent increase in the number of sales from 8 to 14 on a total volume of $21,454,000, up 124 percent, and an average price of $1.532,000; the Bridgehampton-Sagponack area, where the numbers of sales were up 57 percent to 36 with a total sales volume of $144,115,000, up 122 percent, and an average price of $1.6 million, up 12 percent; and Southampton, with total sales of 43, up 16 percent, with a volume of $42,590,000, up 25 percent, and an average price of $990,000.
In commenting on the figures, Corcoran indicated that lower numbers in the third quarter may not reflect a long-term trend. It notes there was “pent-up demand” after the national real estate crash of 2008 that produced a “surge in sales activity in the first and second quarters of 2010” and a leveling off early this year. “Decreased activity in the third quarter of 2011,” according to the report, “may indicate a return to more normal seasonal activity.”