The National Association of Realtors stated that its seasonally adjusted index of sales agreements for sales of previously owned homes fell from 110.9 to 77.6 April to May respectively, which was also 15.9% lower than the same month the year prior. This national statistic clearly shows the power of the government incentives which expired. What baffles me though, is why the government set up housing to take such a blow…

You don’t need to be a genius to know that in a fragile economy such as this incentives are like bandaids, and if you rip them off too soon you bleed! Sometimes the injury is even worse due to this action… From day 1 I questioned why they didn’t ‘phase out’ all incentive programs.

BIG MISTAKE!  I wonder what the next move is?

Fortunately, our little microsm of a market here in the East End is somewhat insulated and is not experiencing what other markets are but the over all buyer confidence in the old American Dream of ‘Home Ownership” is taking quite a beating here.

Will someone up there on that hill use their head please.. don’t rip off bandaids in this environment,, rather,, change the dressings wisely until we are out of the woods and the wound is healed.

One clear indicator that East End real estate is bucking the National trend is the tally collected by the 5 East End towns — $19.64 Million.

That is more than twice the $7.85 Million collected for the same period last year! In fact the number of properties subject to this tax rose from 1,566 for the first 4 months in 2009 to 1,991 same period this year– just over 25% increase.

To date the Community Preservation Fund has collected a wopping $624 Million for land acquitions

 The next “market trend” is well under way.

There’s nothing more impressive than a powerful recovery!

Town & Country was the first to identify the bottom in the middle of last year, and promised a report in 2010 that would prove activity levels were returning.

It seems some of the markets hit hardest by the recession came back with a bang!

SHELTER ISLAND posted a whooping 1300% increase in Number of Home Sales from 1 to 14 and therefore an OUT OF THIS WORLD increase of 1442% in Total Home Sales Volume from $1.24M to $19M – which is twice the $9.5M posted for 1st quarter 2008! Oddly though the Median Home Sales Price dropped 15.4% from $1,240,000 to $1,049,500 – a trend we see in 4 markets thereby clearly conforming to the public’s demand for lower priced homes.

All 11 markets monitored by Town & Country saw BLACK or increases, in the Number of Home Sales. 10 of the 11 markets saw increases in the Total Home Sales Volume with the only exception being SAG HARBOR AREA (which includes Noyac and North Haven) with a 16% dip. And 6 of the same 11 markets experienced gains in Median Home Sales Price in this year to year 1st quarter report.

EAST HAMPTON VILLAGE Median Home Sales Price rose 137% from $1,242,500 to $2,950,000. While quite impressive, it still trails the $3.45M posted 1st quarter 2008, pre-recession.

SOUTHAMPTON VILLAGE Median Home Sales Price also experienced a grand increase of 103% from $825,000 to $1,675,000, 2009 to 2010 respectively. Still a far cry from 1st quarter 2008 when SOUTHAMPTON VILLAGE Median Home Sales Price was $2,775,000.

Studying All Hamptons Markets Combined we see just how impressive this recovery is. The Number of Home Sales rose 175% from 106 in 2009 to 292 in 2010 – which trumped the 287 posted back in 2008 before the crash! Further, the Total Home Sales Volume sky rocketed 251% from $153.6M in 2009 to $539M in 2010 and the Median Home Sales Price rose 51% from $730,000 in 2009 to $1.1M in 2010 – again trumping the $975,000 Median Home Sales Price 1st quarter 2008.

Clear across the board All Hamptons Markets Combined in every category and every price range displayed pure and powerful black.

If the time were ever more right to buy,,, I haven’t seen it!

To view more specifics on your particular locations and price ranges, visit out website 1TownandCountry.com and click “Reports”.

Don’t miss out.. you’ll be kicking your self and talking about the house (or property) you should’ve, could’ve, would’ve bought "back in 2010!"

The stats are in, the number of home sale buyers who agree to purchase a previously occupied home rose sharply in February according to the National Association of Realtors– far greater than predictions– The seasonally adjusted index of "O&A’s" (offer & acceptance) rose 8.2% from January to a February reading of 97.6. January’s reading was 90.2.

Here on Long Island we saw 1,555 contracts in February which was a 28.5% increase from January’s 1,210 according to MLS. These MLSLI (Multiple Listing Service of Long Island) are comparable to the NAR (National Association of Realtors) report on O&A’s accross the country.

the spring selling season is off to the races… don’t get left in the dust!

It may seem so confusing with home sale reports coming at you from all different sources with all different results.

So what is a seller and buyer to do?? As a Real Estate Broker who has been publishing Market Reports for many years,, the answer to that is.. #1- know your source #2- get specific! Your source should be someone working in the field for a minimum of 10-20 years with great success AND the reports you review should be specific to your area of interest. In our Town & Country Home Sales Reports for the Hamptons and the North Fork, in addition to consolidating the numbers, I break each report down to inspect different markets with in each market then monitor the number of home sales, the median home sale price, total sales volume AND the number of home sales within 6 different price catagories. Visit www.1TownandCountry.com/Reports to view Quarterly and Year End Reports.

While nationally, reports have indicated home sales were down, the National Association of Realtors just published a report indicating MLS statistics show Long Island realized a 13.4% jump in home sales in February 2010 compared with the same period one year earlier.

In fact all of Long Island was up 13% year over year.

Such information is crutial for both buyers & sellers when entering negotiations. Buyers reading national home sale reports may believe they are the ONLY buyer and lose the house due to inappropriate information…

I always reccomend buyers and sellers do their home work and confer with experienced knowlegable professionals… after all it is one of your greatest purchases in life.

Wall Street Journal — front page– , lead story on all business news networks…

National Association of Realtors yesterday said existing home sales rose 7.4% in November from October’s seasonally adjusted annual rate of 6.54 million units. This was the highest rate posted since February 2007.

Approximately 50% of these sales were to first time home buyers taking advantage of the tax credit available to them.

Low interest rate further fueled this jump in home sales.

Federal Housing Finance Agency’s index rose 0.6% in October compared to November. The FHFA index tracks the purchase price of homes backed by Fannie & Freddie. The S&P/ Case Shiller Home Price Index, another closely watched measure of home prices also shows improvement.

Keep in mind these are National figures. On a local level, we have seen heightened activity since August. That sales activity is remaining steady even through the holiday season– a time of year which is historically quiet for real estate deal making. Not so in 2009– there are many very savoy investors and home buyers jumping in to find the water temp perfect!