Real estate sale closings in the Hamptons during the fourth quarter of 2011 increased compared to the fourth quarter of 2010, according to Brown Harris Stevens Fourth Quarter of 2011 East End of Long Island Single-Family Home Market Report, which looks at only the last three months of the year.

Overall, 2011 showed an increase in activity in many areas of the market. We’ve seen a lot of interest in the high-end — homes $7 million and over, as well as in prime lots of vacant land. It is encouraging to see an increase in the number of sales in the Hamptons. It reflects the level of activity we are currently experiencing.

The report was compiled by Greg Heym, chief economist at Brown Harris Stevens with data sourced from fourth quarter 2011 single-family sales reported by The Long Island Real Estate Report through January 20, 2012, and compared to prior data reported during a similar time frame.

The number of single-family home sales in the Hamptons rose 3 percent, from 288 in 2010’s fourth quarter to 298 in the fourth quarter of 2011, led by a 16 percent gain in sales under $1 million. At $1,708,983, the average price was 8 percent lower than during the fourth quarter of 2010, while the median price fell 13 percent to $842,500. Other notable sales data from the report includes:

• Sales prices averaged $1,708,983 for single-family homes on the South Fork, 8 percent less than during the fourth quarter of 2010. The median price fell 13 percent to $842,500, while the number of reported closings rose 3 percent to 298.

• Sales for at least $8 million more than doubled compared to the same quarter last year in the Bridgehampton market, accounting for almost one-third of all sales in this small area. This brought both the average and median price up sharply from the fourth quarter of 2010. Includes Bridgehampton, Sagaponack and Wainscott.

• The average price fell 28 percent from 2010’s fourth quarter in East Hampton to $1,376,570, as sales under $1 million comprised 70 percent of all transactions, compared to 56 percent a year ago. This market was slightly more active, as the number of closings rose 3 percent from 2010’s fourth quarter. Includes East Hampton and East Hampton Village.

• Despite a 17 percent decline in the number of reported closings, both the average and median price rose in Southampton from the fourth quarter of 2010. The average price rose 3 percent to $2,170,698, while the median price of $1,157,500 was 7 percent higher than a year ago. Includes North Sea, Southampton, Southampton Village and Water Mill.

• Homes in the Amagansett market sold for an average of $1,376,545 in the fourth quarter, 5 percent less than the same period in 2010. Sales under $1 million comprised 10 percent more of the market than in the fourth quarter of 2010, which helped bring the median price 9 percent lower during this time. Includes Amagansett and Montauk.

• Closings in the Sag Harbor market rose dramatically from 2010’s fourth quarter, fueled by sales under $1 million. At $727,500 the median price for this market was 26 percent lower than during the fourth quarter of 2010. Includes North Haven, Noyack, Sag Harbor, Sag Harbor Village and Shelter Island.

• Homes in the Westhampton market sold for an average of $856,873 in the fourth quarter, 12 percent less than last year’s comparable period. The median price of $500,000 was down just 2 percent over this time. The 80 reported transactions during the quarter were a 10 percent improvement from 2010’s fourth quarter. Includes East Quogue, Hampton Bays, Quiogue, Quogue Village, Remsenburg, Westhampton, Westhampton Beach, Westhampton Beach Village and Westhampton Dunes.

• The average price rose 8 percent in Southold Township from the fourth quarter of 2010, as sales over $1 million rose sharply. The median price, which measures the middle of the market, actually fell 4 percent over the past year to $426,250. Closings jumped 26 percent, from 54 in 2010’s fourth quarter to 68.

For home buyers, these findings may mean that the market is stabilizing, because buyers in the under $1 million range (who are typically more cautious and cannot afford to maintain a secondary residence in a difficult economy) are feeling more secure about the economic climate in general and about buying that second home for themselves.  For sellers, the data may point to more buyers being ready to "pull the trigger" in every price range.

About this column: Analysis of and insights into the East End of Long Island Real Estate market from Cia Comnas, executive managing director of Brown Harris Stevens of the Hamptons and North Fork.