Q: Can you please tell me the price differential plus or minus for properties purchased in Southampton Village in 2004 versus 2011?
A: This is one of those situations where it depends on what type of property you are referring to, because the average sales price and median sales price behaved so differently. Median sales price does not consider the high and low sales, so it is less subject to skew than average sales price is. However, the high end market in Southampton has been a significant part of market activity for the past 5 years.
Based on data from New York State, Southampton Village average sales price for all sales in 2011 was $1,525,421, up 56.6% from $974,375 in 2004. Median sales price was $655,000 in 2011, up 9.3% from $599,000 in 2004. The fact that average sales price showed so much more growth is due to the sale of more high end properties in 2011. Housing prices rose rapidly from 2004 until peaking in 2007, correcting in 2008 and stabilizing over the next 3 years.
Hope this helps give you what you need to better understand the market during those two years.
