Marketwatch – Summer Heat

Summer is off to a great start in the Hamptons and the real estate market is heating up! For the first half of 2015 the market has been very active and predictions are that it will remain strong for the second half. With prices increasing, demand high, and new construction robust, now is the time to jump in.

Judi Desiderio of Town & Country Real Estate observes,“The first six months of 2015 have been the most active since the great recession. Just about every price range is experiencing an uptick in the number of sales thus far.Though we seem to have hit a bit of a saturation point on the ultra high end. Custom-built homes have never been more beautifully designed.” She notes,“For the most part most markets are experiencing healthy steady price increases. In some areas inventory is very low!” Judi predicts, “The next six months will be very healthy for most markets and most price ranges, barring any extenuating factors such as the global economy and Wall Street.”

Tim Davis of The Corcoran Group reflects, “Memorial Day weekend really kicked off the season and we are off and running.The sales market has picked up drastically. Waterfront/oceanfront everywhere seems very hot. There is a Sag Harbor ‘buzz’ with all of the commercial and residential development.” He observes,“There is a wide breadth of new construction inventory which has kept some areas of the resale market from exploding.The listing inventory across the board is down from the high in 2010 in the most prime locations.”Tim predicts,“We are positioned for strong activity for the second half of the year.The conditions are stable and in a growth mode.”

Anthony DeVivio of Halstead Property comments, “We have enjoyed a healthy sales market year to date. Prices are steady and the market is orderly. Early indications are pointing towards a good summer.” He remarks, “The lower end of the market under $4M is the most active, with very little inventory under $1M. Supply on the high end over $10M is larger than it has been in awhile. New construction is robust. Prices are steady but coming down on the high end.” Anthony predicts,“The high end will continue to stall and prices will continue to adjust. Pricing for the rest of the market will remain stable.”

Martha Gundersen of Brown Harris Stevens reflects, “The market has been very busy for the first half of 2015.There were lots of transfers with first time homebuyers stepping up to buy. South of the highway in Amagansett, Sag Harbor Village, Bridgehampton, Water Mill South, and Southampton Village are the most active areas. And new construction is amazing!” She notes, “Inventory is good and prices are stable which combined with low interest rates makes it attractive to buyers. When properties come on the market and are priced right, they sell quickly.” Martha is “very optimistic about the second half of 2015.”

Gene Gilyutin of Hampton Estates Realty observes, “The market has been pretty brisk, especially from the sales end. I think it’s going to be a very busy summer season. New construction and turnkey homes are very much in demand and hot right now. Buyers want to move right in and not have to do any work.” He states,“Prices are still relatively low as there is still a reasonably high level of inventory.With interest rates still very low, buyers are looking to jump into the market.” Gene expects, “The trend to continue with prices slowly starting to tick up as inventory starts to decrease.”