After a very busy summer of sales, the real estate market in the Hamptons continues to pick up. Properties in the $1M-$2M range are the most active, Southampton Village and East Hampton remain hot, and new construction is still in very high demand. Prices are holding steady, inventory is very fluid, and demand is healthy. Fall is a beautiful time to be in the Hamptons and predictions are for a very strong fall selling season.
Christopher Covert of Saunders & Associates says, “Sales were very active this summer, certainly a marked improvement over 2016. The under $2M segment continues to be the engine that drives the market. New construction is still in very high demand. Southampton Village east through Bridgehampton remains hot in terms of areas. Overall, across the Hamptons transactions (up 9%), median prices (up 10%), and dollar volume are (up 22%) over 2016, and should continue to hold or improve as we round out the year. Inventory is very fluid, and in some segments the supply is far outweighing demand, such as the $10M-$20M market, while there is very little supply in the $2M-$3M market.” Chris thinks, “The fall selling season will be very busy.”
Enzo Morabito of Douglas Elliman Real Estate says, “The summer was an extremely active season and we are on pace to break our record from last year. We are seeing a strong spike west of the canal in all price ranges. The most active areas being Quogue west of the canal and Sag Harbor east of the canal. There is considerable inventory east of the canal in the perennial sweet spot from $3M-$4M; a lot of new construction, and homes built 10-20 years ago, all coming on the market at the same time. New construction is always King in the Hamptons.” Enzo reflects, “It looks like the fall will be our best season in all price ranges.”
Judi Desiderio of Town & Country Real Estate says, “We are presently in the height of our busy season in the Hamptons. Under $3.5M is the most active segment of the market. Several markets are enjoying healthy demand. Certain segments of the market are experiencing generous price adjustments, primarily the high end. This is a result of too much supply and starting prices being too frothy. For the most part, the general market is holding strong, the lower end will rise, the higher end will probably continue to adjust. Inventory is too low on the low end and too high on the high end.” Judi believes, “Barring any catastrophic geopolitical events or natural disasters, the fall selling season should be excellent.”
Susan Breitenbach of The Corcoran Group says, “We had a very active sales season this summer. The low end was very busy in the early part of the season, but now all price ranges are extremely active. Prices have come down a bit since there was a lot of inventory, but things are really selling and though we are not quite there yet, when inventory depletes, prices will go up. There was an overabundance of new construction which hurt the spec market and also resales. A lot have reduced and are starting to sell.” Susan remarks, “The market is busier now than it has been in a long time and seems to be continuing to pick up. I think the fall is going to be very strong!”
Cynthia Shea of Sotheby’s International Realty says, “Sales have been occurring at a brisk pace with more sales activity this summer than last summer. Southampton Village was particularly active, as was Sagaponack. In addition, the Northwest Woods of East Hampton continues to be strong. Sotheby’s International Realty was involved in 7 of the top 10 deals in 2017 to date. Prices are holding steady over the past year and new homes are coming onto the market with the arrival of Fall. Buyers continue to be drawn to new construction.” Cindy notes, “Going into the Fall selling season, sales should continue to occur. Buyers seem to be ‘price sensitive,’ so the properties that sell will be the ones where buyers perceive very good value.”
Jane Holden of Brown Harris Stevens says, “Sales were slower at the end of last year, as is typical during a presidential election; however, we started this year with a busy sales market. Going into the summer, houses that were properly priced sold. Under $1,000,000 sell quickly, many times with multiple offers over asking. There are some overpriced homes on the market, while there is a shortage of lower-priced ones. There is still a demand for new construction. I strongly feel some of the builders put their properties on the market long before they are ready to show, buyers have difficulty envisioning the final product.” Jane states, “Historically the Hamptons have always been a great investment for both year-round living and vacation homes. This remains true.”
Rylan Jacka of Sotheby’s International Realty says, “We had an outstandingly productive summer in terms of sales volume. The market charged forward, and that activity is doubling-down into the Fall. Across the East End, Amagansett continues to be a hotbed of activity. Buyers love its downtempo speed. In general, new construction by a small group of quality builders (custom and spec) continues to be in demand. There’s a lot of inventory on the market across the board though, but reasonably priced, quality, new-to-market properties should trade close to asking price. Going into the fall selling season,” Rylan remarks, “if it’s anything like the super busy trend we’ve experienced the last four months, and the huge volume of quality hurricane surf we’ve been experiencing, I’d say it’s pretty darn promising.”
John Brady of Nest Seekers International says, “Sales were great in the summer. Buying confidence is up and the market is staying strong. The most active part of the market in volume is the $1M-$2M range. The hottest area remains East Hampton. Hampton Bays is also booming for the under $500K market. As more inventory comes on the market, the more competitive sellers will have to be. New construction remains pretty high in supply.” Going into the fall, John sees “the inventory becoming less only because there are a lot of ‘not have to’ sellers that always seem to want to ‘rest’ for the winter.”
Fall is a fantastic time to be in the Hamptons. Visit the quaint villages, stroll along the quiet beaches, and delight in the gorgeous weather. As confidence is up in the Hamptons real estate market, now is the time to make your investment.