Summer Sales Were Hot in the HamptonsBrokers predict an active fall season in the Hamptons
As the summer of 2018 slowly comes to a close, it was a busy season for Hamptons real estate. Sales were strong and rentals, although more short-term, were very active. The villages are hopping particularly Westhampton Beach, Sag Harbor, and Montauk. The $3M and under price range is popular, especially under $1.5M, and new construction is in demand. As Labor Day approaches, the Hamptons is preparing for a good fall selling season.
Judi Desiderio of Town & Country Real Estate says, “Rentals on the East End are packed to the brim. Unfortunately, short term rentals have prevailed over full season, for now. Town & Country’s quarterly report shows certain segments with bidding wars and others multiple price reductions. The $5M-$10M price range has significantly increased year to year but most of the sales are below $3.5M. The blue chips remain under demand. The Westhampton Beach area is receiving some well-deserved attention. Inventory in the high end is somewhat top heavy and the lower price ranges lack adequate supply for the demand that exists. The quality of new construction is significantly better.” Judi believes, “Barring no geopolitical negative events, we should have a good fall selling season.”
Cynthia Barrett of Brown Harris Stevens says, “The rental season has been much more active than the past 3 years. Renters are opting to rent for longer terms, either full months or full season. Sales have also picked up from last year’s fourth quarter and 2018 first quarter. Interest under $3M is strong and under $1.5M is even stronger, with a pick-up in $4M-$6M. Prices have on average come down approximately 20%. Buyers are beginning to actively look because of a buyer’s market, softer prices, and ‘at market’ listing prices. Inventory is increasing across the board. Buyers continue to like new construction.” Cynthia foresees, “More inventory, more room for negotiation on the seller’s part, and an active fall season in the Hamptons.”
The Atlantic Team of Douglas Elliman Real Estate says, “It was a strong rental season but sales remain the outperformer. The sales in the spring were red hot, this summer so far have been good. The most active segment is new construction and the under $4 million market. Amagansett and East Hampton are very hot right now. East Hampton and Southampton have the most inventory, as they are the biggest towns with strong value buys. Sagaponack has the least inventory. New construction sales are going well. We have one new home in contract and one we just listed that has multiple buyers interested.” The Atlantic Team believes, “The fall selling season is going to have a lot of new buyers.”
Tim O’Connor of Halstead Real Estate says, “The rental season turned out to be very spotty with more short-term (2 weeks) leases than monthly or seasonal. There is great interest on the sales side. The Springs continues to be very active for buyers looking for properties under $1M while Amagansett and specifically the Dunes, continues to be of great interest. East Hampton Village also is in constant demand. Areas west of East Hampton have showed a slowness in sales. New construction is certainly in demand, if you can find the inventory.” Tim observes, “Given the number of buyers in the market this summer and their level of interest/desire to find the right property, the fall season should be very strong for 2018.”
Tim Davis of The Corcoran Group says, “The rental season has been very strong. Since May, sales activity has picked up tremendously with very strong activity in July and August. The villages are hopping – Sag Harbor, Quogue and Montauk seem particularly hot. Prices continue to be stable. The inventory is at one of its lowest points in years. Inventory of new construction across the board is being depleted which leaves room for new opportunities in development. Waterfront and in particular oceanfront inventory is down as well.” Tim expects, “We will have a very strong fall selling season as we are already seeing from the summer activity. Buyers generally look during the season and negotiate and close on sales in the fall.”
Pat Petrillo of Sotheby’s International Realty says, “Rentals had a slow start, but the overall season was decent. Sales activity really picked up in mid-July. Currently prices are now where they should be. Generally, as price range increases there is less inventory in all towns; for example, the listing data base shows only 150 (+/-) houses for the entire East End in the $10M-$20M range, but in the $1M-$2M price range there are four times as many houses for sale. There is always strong interest in new construction. With the renewed activity a lot of deals are going to be made.” Pat remarks, “Fall is going to be business as usual. Tends to be quiet in September then picks up again in late September /October.”
Denise “Dee” Kerrigan Perfido of Kerrigan Country Realty says, “This year renters looked for that one-month rental term again rather than Memorial Day through Labor Day. Sales are very robust this summer! Westhampton Beach is hot, hot, hot. While our inventory on the mainland is low in the Westhampton Beach/Quogue/Westhampton area, we do have the best selection of Dune Road properties available – but, when they’re gone, they’re gone. New construction is sparse in our area, so when it does become available, it flies off the shelf!” Dee advises, “Buy real estate in the Hamptons now and you will never regret it. Just don’t get divorced, because besides the dog, it will be the one thing you’ll both fight over.”
Deborah Srb of Sotheby’s International Realty says, “There is more rental inventory than in the past with more short-term rental requests. Sales have been a little quieter than usual with buyers waiting until they get the deal they are hoping for. Sag Harbor continues to be hot! It’s difficult to even find new construction in Sag Harbor Village under $3M. Overall, the most active price point in the Hamptons is under $5M, and under $3M seems to be especially active. More and more buyers like new construction today so if a home is well built in a good location, it sells quickly.” Deborah feels, “The momentum is picking up and I am confident the fall will be a good selling season.”
Fall is a beautiful time to be in the Hamptons. The weather is glorious, the villages are less crowded, the restaurants are not as frenzied, and the beaches are quiet. With so many buyers interested in Hamptons real estate this summer, the fall selling season is expected to be a very active one.