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Declining prices for real estate in the Hamptons

Maryland residents who are looking to purchase real estate in the Hamptons area of Long Island may be pleased to learn that the median sales price for homes in the area is declining. Since 2014, there has been a 6.5 percent drop in the median sales price of a home in the Hamptons. The median sales price for a Hamptons home is now at $849,000.

Fewer residential real estate sales are taking place in the Hamptons this year than they did last year. At the same time last year, there had already been 700 homes purchased in the Hamptons during 2014. So far in 2015, only 590 homes have been sold in the Hamptons. Although the median sales price is lower for 2015, the average selling price for a home in the area rose by 2.5 percent since 2014.

The author of the Hamptons sales report said that last year's surge in home sales was a reaction to the end of the housing crisis. He said that pent-up demand caused an increase in sales in 2014 and resulted in the record numbers. In a place like the Hamptons, which is a relatively small real estate market, data can be greatly affected by an outlier such as a $95 million home.

Savvy real estate investors can take advantage of fluctuations in the market by purchasing property in a desirable area once the price goes down. Before going forward with an important real estate transaction, an investor may want to work with a real estate lawyer to ensure that all of the necessary documents are in order and there are no title issues.

Source: CNBC, "Hamptons real estate sales slowing down," Ali Montag, July 23, 2015

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