Marketwatch: The Hamptons

Buyers and sellers are seizing the moment this Spring.

It’s a new year, and the Hamptons sales market is ready. After the election, fourth quarter 2024 sales on the South Fork rose 25% with the Corcoran Group year-over-year and 76% at Douglas Elliman, according to reports from the brokerages.

“With limited quality inventory keeping sales prices up, buyers and sellers who know what they value, have reasonable and informed expectations, and are willing to listen to guidance were able to successfully achieve their goals,” said Cutter Koster, a real estate agent with Corcoran.

Looking ahead, experts expect a robust market as demand meets limited inventory Out East.

Activity This Winter
“Based on the reports that I receive from all our offices, we have seen unusually early pick up in the number of customers visiting open houses, entering into negotiations and signing contracts in December and January,” said Judi Desiderio, partner with William Raveis, adding that these “are historically slow months.” Formerly, Desiderio was chief executive officer at Town & Country Real Estate, which sold to William Raveis in December. “If this is an indication of sales activity for 2025, this will be a good year,” she said.

Koster noted that his team, under Associate Broker Susan Breitenbach, landed more than $100 million in contracts signed this winter. A notable recent deal was 1431 Meadow Lane in Southampton, a 3,500-square-foot five-bed, five-bath with views of Shinnecock Bay through floor-to-ceiling windows, which sold for $12.7 million.

The property reminded him of his childhood in the area, Koster said. “I grew up in Southampton and spent my youth fishing and sailing around Shinnecock Bay, climbing over the dunes of Meadow Lane with a surfboard under my arm chasing a wave, and hitchhiking with my friends,” he recalled. “I love Meadow Lane deeply and I’m excited to help others capture the same feeling.”

Areas To Watch
The secret is out on the convenience and beauty in spots north of the highway, like Water Mill and Bridgehampton, said Koster, who lives in Sag Harbor. His team recently went into contract with Millstone Hill Farm, a 12,400-square-foot Bridgehampton estate with an inground pool and a tennis court listed for $14.95 million. “Here, one can find homes overlooking beautiful equestrian estates, tranquil farm fields, or surrounded by nature preserves,” he explained. “This locale also provides the coveted Hamptons commodity of space and privacy.”

Single-family home sales were up 13% from 2023 in Bridgehampton in the fourth quarter of 2024 and 33% in Sag Harbor, according to the Corcoran market report. They were down 50% in Water Mill.

“The bayfront communities are also a great value play,” Koster added. “Waterfront, water views, water access, clubhouse or marina amenities will not only make you love life there but will certainly also increase the value of your investment.”

Anywhere on the fork, “oceanfront properties are always in high demand,” agreed Harald Grant, an associate broker with Sotheby’s International Realty. “It’s a competitive market with limited inventory,” he said, “so those seeking luxury living and beach access are actively searching year-round, knowing the right property can be hard to come by.”

Advice For Spring
Buyers and sellers who delayed taking the plunge for the last two years should seize the moment, Desiderio advised. “The time has come,” she said. “You can only put your next chapter of life off for so long.”

For sellers, list your home at market value, Grant said. “Properties that are priced correctly are more likely to move quickly in a competitive market,” he explained.

Buyers should be willing to compromise, Koster added — regardless of their budgets. “Even if you build your dream house from scratch, you’ll likely wish at least a few details were different in the end,” he said. “Fall in love with a room, a special home feature, a view, a lot, or a location and create your long-term dream from there.”

Sellers, meanwhile, should know the expectations of their target buyers. “The market will speak very loudly when you listen,” Koster said.