Marketwatch – Summer Sales Remain Strong

It’s been a fantastic summer in the Hamptons, with the real estate market very dynamic. With prices at an all time high, lots of inventory, and new construction booming, the Hamptons market is strong. Traditionally, the fall season has always been a busy time for Hamptons real estate.

Alice Bell of Sotheby’s International Realty reflects, “High-end rentals were surprisingly robust, but those priced $150K and below were slow. Sales activity has picked up considerably since early June. The most active price ranges were $8-12M as well as those priced for first-time homeowners between $1.8-3M. The hottest locations are Sag Harbor/North Haven and Montauk. Of course, any waterfront property is hot.” She believes, “Prices are holding and, in most cases, equate to fair market value. Our inventory is very good. New construction is at a record high and a real driver of sales. There is new construction at every price point, including a $45M home in the Village of Southampton.” Alice comments, “As always, smart buyers tend to focus on home purchases once the summer season has passed.”

Judi Desiderio of Town & Country Real Estate points out, “Sales in the Hamptons this summer have been the strongest since the crash, particularly on the high end, over $10M, while rentals have taken a back seat. Montauk is still white hot with the greatest increase in sales, with a 22% jump. Westhampton markets ran a close second in increased activity.” She states, “According to the Town & Country second quarter home sales report, the median home sales price rose to $1.1M for all Hampton markets combined. The $3.5-4.99M price range increased the most, up 47% in the number of closings. Inventory at the high end is saturated but other markets have need for good new product. New construction is doing very well!” Judi anticipates “a good second half of the year in most markets.”

Mary Giaquinto of Plum Builders, Inc. remarks, “There are significantly more rentals than in the past, and choices aplenty. The sales market is active, but price sensitive and demanding about location. A great house in a good location at a great price will sell within a season. Bridgehampton south is still strong as is Bridgehampton north and Water Mill, north and south.” She reflects, “Prices are under pressure, as prices have recently appreciated too quickly for buyers to absorb. The inventory on well-priced, good-sized houses in good condition is thin! There is lots of new construction to choose from, but not too much variety in architecture or finishes!” Mary predicts, “The fall season will be active and houses that are well-priced with good features, will sell quickly.”

Susan Breitenbach of Corcoran reflects, “I have had an amazing and very busy summer with well over $150M in contract or sold just this summer plus many rental transactions as well. The hottest locations are waterfront from Sag Harbor to Southampton, near the ocean and also quiet streets south of the highway, with bigger acreage. Examples are Highland Terrace in Bridgehampton and Fowler in Southampton.” She comments, “It’s a good time to buy with a lot of inventory in most categories, except land. Prices customarily go up when inventory starts to deplete. There are plenty of new standard traditional homes but very few in the very high-end market that are really special, modern, and custom.” Susan remarks, “The market is strong. It’s been a great year and I am expecting it to continue!”

Paul Brennan of Douglas Elliman Real Estate observes, “Rentals this summer were on the moderate side. But sales were busy, especially on the low end of the spectrum. The hottest locations are Sag Harbor, Sagaponack, and Montauk.” He believes, “Prices have appeared to peak and the unbridled appreciation has abated, especially on the high end. But inventory continues to build and new construction is frenetically busy.” Paul predicts, “The fall selling season will most likely continue as it is now. There will probably be a little bump in the market in September, October, and November as usual.”

Mala Sander of Corcoran says, “The rental market has been a bit sluggish this year, but last minute rentals have come on strong. Sales activity is very brisk. Sag Harbor is very active.” She notes, “Prices and inventory levels are stable. There’s a lot of new construction! Something for everyone, at all price points. Buyers want turnkey, and developers get that. They are offering new homes fully furnished and ready to move in. My newest listing, Burnt Point on 24 acres on Georgica Pond, is a beautiful, 18,000 SF home designed by Francis Fleetwood, and is offered fully furnished at $95M.” Mala remarks, “Fall is a gorgeous time in the Hamptons. Buyers will still be here looking for great properties. The ones that are priced right will sell!”

Vincent Horcasitas of Saunders & Associates comments, “We had a good rental season, up by 20% from last year. The sales season was great, with August sales very robust. The villages of Southampton and East Hampton are strong as is South of the Highway in Sagaponack, Bridgehampton and Water Mill.” He notes, “Properties that are priced right are selling. Many areas are seeing new highs. The new construction in the high-end market is now selling.” Vincent sees “a continuation of this strong market. Interest rates are still low and the stock market is positive.”
Steve Pryzby of Farrell Building Company remarks, “Sales have been very good and steady throughout the summer. Bridgehampton, Sagaponack, and Amagansett continue to be hot.” He observes, “Prices are at an all time high and there is a tremendous amount of inventory in the market, so there is not a sense of urgency from the buyer. New construction is booming as many new builders and developers have entered the market.” Steve believes, “Sales during the fall should be good, as the inventory levels are high and there are still many buyers shopping around trying to find the best deal.”

Fall is expected to be a very active season for real estate in the Hamptons. Explore the beautiful beaches, roadside farmstands, and charming villages in the Hamptons. Come experience the magic of the Hamptons during this special time of year.