A Healthy Fall Selling Season Predicted For The Hamptons
As we look back on the summer of 2018, it was a busy season for rentals, especially short-term rentals and a very active one for sales in the Hamptons. The most active segment is still below $3M with Amagansett, Bridgehampton, Sagaponack, and West of the Canal popular with buyers. Inventory is still high across the board, but the median sale price is up, and new construction remains in demand. As fall ushers in, expectations are for a strong selling season in the Hamptons.
Judi Desiderio of Town & Country Real Estate says, “This summer local roads – even the back roads – were all at maximum capacity with rentals! So far, this selling season is shaping up to be quite good for most markets. Depending on which Hampton, the demand continues to rise in the lower half of the price ranges with many buyers favoring village living vs. wooded privacy. It is very difficult to maintain adequate inventory below $2M for good product. Prices on the South Fork are holding strong in most segments of the market, but if supply outweighs demand then prices head lower – which is the case at the upper price brackets.” Judi observes, “Thus far the fall selling season is very healthy!!”
Martha Gundersen of Brown Harris Stevens says, “Rentals were quite busy with a lot of high-end rentals. Many prospective buyers were looking during the summer and serious buyers are making decisions now. The most active segment is still below $3M. East Hampton is active and Amagansett is still hot. Prices will not change a whole lot unless they are already overpriced for the market now. There is a lot of inventory in the north part of Water Mill/Noyac, but not too much turn-key well-priced homes in The Amagansett Lanes. New construction priced well and in a good area is great!” Martha predicts, “There will be lots of transfers in the fall. People are tired of waiting and there are lots of opportunities!”
Constance Porto of Douglas Elliman Real Estate says, “The rental season was good this summer but was overpowered by sales especially in Westhampton to Hampton Bays. The Hampton Bays market is on fire this year and is going to get better and better the next five years. Prices of high-end homes have either stabilized or gone down. The prices in Hampton Bays have gone up consistently. The inventory of lower priced homes is very sparse and in demand in all areas. The high-priced inventory in all areas is higher than usual. New construction is up and moving rather quickly especially West of the Canal.” Constance believes, “The end of November and December will see a slowdown but activity will soar mid-January.”
Angela Boyer-Stump of Sotheby’s International Realty, Inc. says, “It was a quirky season. Many homes rented early while other great properties went unrented. Sales were not quite as busy as last year at this time, but still very active. The high end of the market is very busy and Bridgehampton and Sagaponack continue to be popular with buyers. East Hampton was on a run first and second quarter. New construction is flowing and moving. Buyers want to see something bold and edgy.” Angela thinks, “The reductions that happen now will get buyers excited to buy. It’s a great time to be in the market and the chill in the air always has buyers getting in the mood to own a new home.”
Marc Heskell of Saunders & Associates says, “Overall it was another strong rental season with a mixture of less full season rentals and more July thru LD, July or August and short-term rentals of two to three weeks. As for sales, the first half of 2018 showed a slight decrease in volume of about 5%, while the median sale price increased by about 5%. The most active properties continue to be those priced under $1M and $1M–$1.99M, which combined generally represents 70-75% of deals done. New construction and turnkey properties are still in high demand, as are waterfront, water view and unique south of the highway homes.” Marc has “seen a meaningful increase in deal activity in the summer, which should translate into a strong fall market.”
Geoff Gifkins of Nest Seekers International says, “Rentals were definitely stronger overall compared to previous years. More renters opted for shorter terms rather than the traditional full season. For most of the year sales have been off by 20%; however, with the recent in-contract activity sales are picking up again. The luxury market has seen the most activity this year. Inventory is still high across the board, with more properties coming to market daily. Even though sales transactions and dollar volume are down the median price is up. New construction is still in high demand with many new projects coming to market.” Geoff remarks, “Buyers are definitely out searching, so we are expecting a good end to the year.”
Patricia Garrity of The Corcoran Group says, “The rental season has shifted to shorter term rentals. As for sales, consumers are very savvy and focused on value in every price category. This is particularly evident now as there is more inventory than demand as we move into the fall selling season. The most active price category are properties under $1.5M, with strong activity west of the Shinnecock canal as it is difficult to find that price range in the Hamptons. Highest inventory is new construction north of the highway above $3M and the least inventory is anything in good condition under $1M. Price adjustments and well-priced properties will always sell.” Pat thinks, “The fall selling season will be strong.”
Autumn is the perfect time to visit the Hamptons. Stop at Hank’s Pumpkintown in Water Mill for some pumpkin and apple picking. Sip on distinctive wines at Wölffer Estate Vineyard in Sagaponack. Stroll through the charming villages of Southampton and East Hampton. Dream of next summer and discover your piece of the Hamptons this fall.