The numbers are available on this web site, a site we are all watching because we know its authoritative; no one is posting on the local Southampton Press web site.
The numbers are dramatic: there are 344 homes for sale in Sag Harbor, total units sales in the past three months are 3, less than 1% of inventory, and down from 36 from a similar period in 2006-07. Thats a drop of 90% in volume! The median sale price is $990k a number first reached in January of 2004, which is even more useless without confirming volume.
Use Trulia.com to examine other housing markets: San Diego, Las Vegas, Miami and others. You will see quickly that the Hamptons inventory to sales volume is now the worse in the country. Miami is in second place at 10% per quarter.
Right now is the buying season and everyone is hoping for a miracle, in a few months reality will set in. Massive Wall St. layoffs are underway and lenders have withdrawn from the Hamptons market.