Hamptons Real Estate Market is Steady As She GoesHamptons Sales Were Solid Overall For 2018
Home sales in the Hamptons have been strong overall for 2018 compared to 2017. West of the Canal is hot including Westhampton Beach, Quogue, and Hampton Bays. Sag Harbor Village is very vibrant. The under $2M range has the most activity and new construction is still in high demand. Across the board though, inventory is rising, so prices are going down to market value. It is definitely a buyer’s market now. As 2019 approaches, expectations are for a very active sales year in the Hamptons.
Judi Desiderio of Town & Country Real Estate says, “Having just completed the 3rd quarter home sales reports, the Hamptons overall are in line with 2017 though certain individual markets moved independently. West of the Canal is hot. East of the Canal the $3M range is seeing the greatest uptick. While prices overall are stable, certain markets are seeing adjustments either up or down. Inventory below $1.5M is quite stressed and over $10M we are a bit top-heavy. New homes are always under great demand and I don’t believe we are overbuilt. 2019 should be a solid performer barring no geopolitical events.” Judi predicts, “This winter we will see some real bargains fly off the shelf. Cash is emperor.”
Kim and Rick Slater of The Slater Team at Sotheby’s International Realty say, “Sales in the Hamptons have been strong overall for 2018. The hot areas are $2M and under, all based on location and condition. Those that are better rise to the top. The listings that are weak in location and condition are fairly being reduced and parallel to market conditions. Overall, inventory is in abundance. New construction is in demand, if priced well. Pre-election new construction is premiere.” Kim and Rick foresee “a strong first quarter for 2019. Location, style, and new construction will dominate the first quarter of 2019.”
Janice Hayden of Halstead Real Estate says, “The level of sales activity in 2018 was solid considering the gyrations in the financial markets, the geo-political challenges and the mid-term elections. While the market appears slightly slower, it remains healthy in the Hamptons. The under $2M market has the most activity. Amagansett, Sag Harbor, Hampton Bays and Westhampton have been strong this year. Prices have leveled off. The Northwest Woods in East Hampton and Shinnecock Hills have the most inventory while Montauk and Sag Harbor have the least. New construction is still in high demand.” Janice remarks, “The market was off a bit in 2018 for several reasons. The early indicators point toward pent up demand that will be realized by the market in 2019.”
The Enzo Morabito Team of Douglas Elliman Real Estate says, “Overall sales were much stronger in 2017 than in 2018. This year sales are off about 15%-20%. It is definitely a buyer’s market now. West of the Canal is on an upswing, particularly waterfront. Westhampton Beach and Quogue are very hot and Hampton Bays is through the roof. Sag Harbor is also very vibrant now. Across the board, inventory is rising and the sales are not there. Therefore, prices are all going down to market value. New construction is in demand and will always win out over homes that need work.” The Team predicts, “As the new year approaches, the low end of the market and unique properties are going to be good.”
James Peyton of The Corcoran Group says, “My 2018 numbers were in line compared to 2017. New construction backing to reserve north of the highway still has the greatest appeal in my niche. Everything in Sag Harbor Village under $2M has been gobbled up. Sag Harbor and Southampton Village inventory is on the low end while the Northwest Woods of East Hampton and the Springs have a good amount of choices. Although asking prices still seem to be lofty, reductions abound and sales prices are in line with the comps. High quality new construction seems to get bids just as they’re completed, but if the pricing is off, can languish on the market.” James observes, “The fall selling season has been robust with customers searching since the spring, finally making their move.”
2019 should be a dynamic year for Hamptons real estate. While inventory is increasing, prices are on the descent, so it’s a great time to be a buyer. New construction and waterfront West of the Canal are in great demand. The Hamptons will always attract folks to its pristine shores, trendy villages, and glamorous lifestyle. As the new year begins, discover your Hamptons getaway in 2019.