Buyers looking for property in the Hamptons ahead of summer have faced fewer options for at least 15 years, while the median sale price in the North Fork hit an all-time high, according to new data from the real estate broker Douglas Elliman and appraisal firm Miller Samuel.
The median sale price fell 2.9% in the Hamptons to $1.36 million for deals completed in the last three months of 2021 compared to this time in 2020. In North Fork, the median price fell rose 11.8% year-on-year to a record high. $900,000.
The number of listings in the Hamptons for single-family homes and condos fell to 794 as of Dec. 31, less than half the number available at the end of 2020.
What there is to know
- The median selling price in the hamptons fell 2.9% to $1.36 million in the fourth quarter from a year ago.
- The number of sales in the Hamptons fell 34% in the last three months of 2021 compared to the same period in 2020, as the number of registrations fell by half.
- The median sale price on the North Fork set a record at $900,000 in the fourth quarter. The North Fork “started out as the Brooklyn of the Hamptons. It started out as affordable, and then all of a sudden it’s not affordable anymore,” one broker said.
“This creates a situation where we’re seeing intense competition for listings,” said Tim Kelly, realtor and director of Douglas Elliman’s Montauk and Sag Harbor offices.
Lack of supply dampened sales, which fell 34% to 530 in the fourth quarter from 803 deals completed in the final months of 2020, when closings were inflated by deals delayed by the pandemic . By pre-pandemic standards, the volume was still an improvement. The number of sales in the fourth quarter was almost 26% higher than the 400 sales recorded during this period in 2019.
The drop in sales at the end of 2021 from a year earlier went against what brokers in the East End were experiencing, said Judi Desiderio, CEO of Town & Country Real Estate in East Hampton.
“The question everyone was asking was, ‘How could there be a drop when business was so booming?’ Desiderio said. “The truth, if you look at where things were in the fourth quarter of 2020, we were in a feeding frenzy.”
She said rising mortgage rates are less likely to affect the East End market due to the higher percentage of cash buyers, but a bad stock market year could affect sales given the Hamptons’ ties. and Wall Street financiers.
Highlights in the fourth quarter included the $70 million sale of 840 Meadow Lane in Southampton and the $55 million sale of 442 Further Lane in East Hampton, ranked No. 3 and No. 7 on Newsday’s list of most expensive homes sold. in Long Island last year.
The number of sales combined with the scarcity of listings has made the Hamptons’ market the fastest pace ever, according to the report. Based on the number of closings in the fourth quarter, it would take 4.5 months to sell all the homes on the market as of December 31, compared to 6.5 months at the end of 2020. It takes longer to sell homes in the Hamptons, with its multimillion-dollar listings, than the rest of Long Island, where there was only a month and a half of home supply in the fourth quarter. A supply of around five to six months puts buyers and sellers on an equal footing.
“The story before the pandemic was that the high end of the market had a lot of oversupply, and that got burned pretty quickly,” said Jonathan Miller, CEO of Miller Samuel.
On North Fork, there were 161 sales in the fourth quarter, down 44.7% from the same period a year ago.
Desiderio, whose brokerage publishes its own East End market reports focused only on single-family homes, said North Fork had fewer than 60 homes on the market earlier this week when it would expect let there be at least 300 to 400. Ridiculously low,” she said.
“North Fork’s trajectory for prices is always up. It started out as the Brooklyn of the Hamptons. It started out as affordable, then all of a sudden it’s not affordable anymore.”
Hamptons median price: $1.36 million
North Fork median price: $900,000
Source: Miller Samuel/Douglas Elliman – 4th Quarter Report