There seems to be room for deals in the upper end of the Hamptons market.
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The first three months of 2021 saw the strongest quarter for Hamptons home sales in six years, continuing the trend of suburbs and rural vacation areas seeing record growth and a lack of inventory during the pandemic.
There were 509 home sales in the Hamptons, up nearly 50% from 343 sales in the first quarter of 2020, according to reports released today by Douglas Elliman Real Estate, compiled by real estate appraisal form Miller Samuel.
Listing inventory fell at its fastest rate in more than 13 years of tracking, more than 30% from roughly 1,700 to 1,100 homes. At the same time, the median sales price rose sharply year over year, from $990,000 to $1.3 million, for the fifth consecutive quarter, according to the report.
Todd Bourgard, senior executive regional manager of sales for Douglas Elliman in the Hamptons, says the market continues to be strong into the second quarter.
“We’re still getting multiple bids on well-priced homes,” Bourgard said. “This demand compares to nothing I’ve seen and I’ve been in the business for 24 years.”
In a sign that there seem to be some deals in the Hamptons luxury market, the highest 10% of all sales, listing inventory rose from 359 luxury homes in the first quarter of 2020 to 538 luxury homes in the first three months of 2021. The median sales price also dropped to $5.825 million in Q1 2021 from $7 million in the first quarter of last year.
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Bourgard notes that luxury homes that are priced for the market tend to sell quickly.
“If they’re priced properly you end up with multiple offers,” Bourgard said.
Up on the North Fork of Long Island, another popular second-home and getaway destination, the number of sales jumped annually for the third straight quarter and listing inventory fell to the lowest level in 15 years of tracking.