The Hamptons is Always a Dynamic Market—review What Happened in 2019
After a shaky start during the first half of 2019, the real estate market in the Hamptons is on the rise again as the year closes out. According to a third-quarter report from Miller Samuel and Douglas Elliman Real Estate, the median price of a home on the eastern tip of Long Island increased 4.2% year-over-year for an average sale price of $540,951. In addition, listing inventory rose sharply year-over-year for the third straight quarter. Per the report, “Listing inventory continued to rise but appeared to have little impact on price and sales trend growth... In addition to the overall market record, median sales price reached new highs for condos and single-family sales...while overall average sales price hasn’t reached its pre-financial crisis high set in the same quarter a dozen years ago, it rose year over year for the tenth straight quarter.”
Meanwhile, the average price for luxury homes on Long Island was just over $1.3 million. “In the Hamptons, reduced affordability continues to be a challenge resulting from SALT, slowing down sales and causing a steady increase in inventory,” Douglas Elliman said. “However, this negative effect was partially offset by the sharp drop in mortgage rates, as well as sellers’ expanded willingness to negotiate.”
According to a third-quarter market report from Town & Country Real Estate, Hamptons real estate was “like a carnival game with ping pong balls landing and leaping in every direction.” According to Town & Country, “Looking at All Hamptons Markets Combined, [there were] 60% fewer home sales $5M-$9.99M and 43% less home sales $10M-$19.99M.” However, there was one notable sale, the 3.3-acre property at the corner of Lily Pond and Hedges, which closed for $20.6 million.
Looking ahead to 2020, real estate experts in the Hamptons characterize the general market mood as optimistic. “After a sleepy second quarter, it feels like the third quarter is seeing increased activity and deal origination,” real estate agent Aimee Fitzpatrick Martin told during a recent roundtable. “To my eye, it feels like the scale has tipped a bit in favor of buyers. There are many good real estate opportunities out there, especially west of the canal.”
If you’re looking for an experienced and reputable real estate firm in the Hamptons, contact Matthew Breitenbach and the today. With years of experience selling homes in Sag Harbor, Bridgehampton, East Hampton, and beyond, the team can answer any questions you have about the property and guide you through the selling process.