Hamptons Market Report

The Hampton’s real estate market is hot and getting hotter!
If you thought the weather was hot in the Hamptons this summer, how about the real estate market? It was at its “hottest” since the recession and is predicted to heat up even more this fall. With home prices rising, inventories going down, new construction strong, and the market stabilizing, the Hamptons real estate market has been bustling with activity.

Judi Desiderio of Town & Country Real Estate says, “The South Fork markets have fully recovered from the great recession in the volume of business.” She exclaims, “The number of sales, the median home sale price, and the total home sales volume all saw gains from 2012 to 2013 in the second quarter. The $3.5-$4.99M range saw the greatest increase in sales, rising 83%. East Hampton Village broke the sound barrier for median home sale price at $4.3M. Southampton  Village stole the show with a 103% increase in the total home sales volume to a whopping $136,000,000 from $67,000,000. While Montauk is white hot!” Judi observes, “The Hamptons boasts the most beautiful beaches in the world. This year East Hampton’s Main Beach got the #1 spot and last year Southampton’s Cooper’s Beach took the top spot.”

Susan Breitenbach of The Corcoran Group in Bridgehampton says, “The Hamptons market is extremely busy with deals happening. It is a great time to buy, there is still a good amount of inventory, and prices have not increased yet!” She notes, “All price ranges are moving as long as they are priced to sell.” She observes, “Land has been selling so fast that it is very difficult to find good property to build on, as speculative builders are snatching up anything good that comes along!” Susan’s advice to prospective buyers is “Now is the time. Anything you purchase is sure to go up in value and you will look back shortly and surely be happy you purchased when you did!”

Harald Grant of Sotheby’s International Realty in Southampton says, “The summer activity has been very strong, especially with new construction in the $6-$12M range.” He believes, “Right now, it is more of a seller’s market as homes are priced where they should be and inventories are going down. But the buyer is also very educated.” He observes, “The hottest markets are Sagaponack South and Bridgehampton South. Both are the sweet spots in the marketplace.” He exclaims, “There is good momentum now with consistencies throughout all price points.” Harald predicts, “As long as homes are priced correctly, the momentum will continue into the fall.”

Martha Gundersen of Brown Harris Stevens in East Hampton says, “There is a tremendous amount of activity, especially for buyers in the $1-$2M range. New construction is also strong in the $3-$5M range.” She feels, “It is a healthy, more balanced market based on a slowly improving economy.” And, “Buyers are buying immediately, after looking for years.” She observes, “Inventory that is priced right will sell quickly.” She exclaims, “Sag Harbor, known for its boating community is trendy. Montauk has taken off with its hip nightspots, and Sagaponack South and Bridgehampton South offer big tracts of open land and private beaches.” Martha believes, “We’re in a rising market with a lot of opportunity that will continue into the fall.”

Gene Gilyutin of Hampton Estates Realty in Westhampton Beach says, “The Hamptons market is definitely on the upswing!” He notes, “Buyer sentiment seems to be high.” He observes, “In the greater Westhampton area, houses, condos/co-ops, and vacant land under $2M have been booming, with nearly 200 closings in 2013.” He believes, “Buyers are recognizing that now is a great time to buy, whether as a primary home, a second home or an investment property.” He remarks, “The market is turning and we’re seeing a lot of cash buyers.” Gene predicts “a very busy fall season.”

Andrew Saunders of Saunders Realty says, “This is the busiest market I have seen in my career!” He states, “There is tremendous strength in the market right now.” He observes, “The most sought after locales are Sagaponack South, Bridgehampton South, and Wainscott South, where there are lots of trades happening.” He notes, “The upper end of the market is very strong in the $10M range and over, but the critical mass of transactions is $2M and under, which is also dynamic.” He comments, “New spec houses for sale are in demand right now in the $12-25M range.” Andrew predicts, “The selling season will continue through the end of the year.”

Autumn is a great time to enjoy the Hamptons. The weather is gorgeous, the beaches are beautiful, and the activities are plentiful. From pumpkin picking, to antiquing, to the Hamptons International Film Festival, the Hamptons are hopping. With the housing market back in full swing, now is the time to make your fantasy a dream come true.

Ruth Thomas, a freelance writer on the East End enjoys history, music, literature, art, nature, the beach, and her cute dachshund, Clancy. She can be contacted at [email protected]