Hamptons' sand is turning into gold.
The average sale price for real estate in the Hamptons soared by 40 percent, to $1.7 million, in the first quarter, one of the biggest year-to-year increases in recent history.
Fueled by a continued surge of wealthy vacation-home buyers paying all cash, the number of deals in the first quarter jumped by 52 percent and the median price rose by 19 percent to $880,000, according to a report from Douglas Elliman and Miller Samuel.
The Hamptons has always been a high-priced sandbox for the rich, of course. But the new numbers suggest that even in the high-end home market, the eastern Long Island is defying economic gravity.
Among the mansions that sold in the first quarter was a six-bedroom stone and stucco waterfront manor home in North Haven for $31.5 million. The average sale price in North Haven—known for its outsized homes—hit $17.4 million in the first quarter.
A boxy, modern home in Sagaponack, which is not on the water, but has 2.4 acres, sold for $20 million.