EAST HAMPTON, NY - Hamptons Real Estate in the 3rd Quarter of 2019 was like a carnival game with ping pong balls landing and leaping in every direction. The good news is the numbers prove it’s not really as bad as the media made it out to be. Let’s dive deep into the stats.
Montauk may have had three less sales year over year but the 45% increase in Total Home Sales Volume and 77% explosion in Median Home Sales Price set high water marks for the 12 individual markets monitored by Town & Country for the quarter.
East Hampton Village recorded the highest Median Home Sales Price of $3 million — certainly not a record for East Hampton Village or the Hamptons at large.
East Hampton Area (which includes Wainscott) closed the most Number of Home Sales in both 2019 and 2018 for the quarter — 63.
Southampton Village was a bit out of sorts for July, August and September 2019, closing 25% fewer homes and a decline in Total Home Sales Volume. A closer look and we see zero sales in the price categories $3.5 million and above for the quarter 2019 vs four in 2018.
Southampton Area (which includes North Sea) had three less sales, all of which were under $2 million. But the Total Home Sales Volume rose 27% and the Median Home Sales Price picked up 19%.
Sag Harbor Area (which includes Noyack and North Haven) saw a respectable improvement particularly in the $2 - $3.49 million price category which rose 150%.
Amagansett didn’t come close to its 2018 record of $5.25 million for 3rd quarter Median Home Sales Price.
Bridgehampton (which includes Water Mill and Sagaponack), another Hampton crown jewel, took the summer off. There were 38% fewer closings and 46% less Total Home Sales Volume.
West of the canal also experienced a pull back. Hampton Bays closed 40% less deals which resulted in 62% less Total Home Sales Volume. 2019 saw no homes sales over $2 million, yet in 2018 there were four!
Westhampton (which includes Remsenburg, Westhampton Beach, East Quogue, Quogue and Quiogue) had a less severe pull back with 12% less homes sales and 21% lower Total Home Sales Volume.
Shelter Island enjoyed a strong tail wind with the Number of Home Sales leaping 57% year over year and the Total Home Sales Volume an impressive +44%! Conversely though, the Median Home Sales Price sank 39%.
And so you have the unsettled 3rd quarter Hamptons Home Sales.
Looking at ALL HAMPTONS MARKETS COMBINED and the red across the board jumps right out at you, particularly on the high end, with 60% fewer home sales $5 - $9.99 million and 43% less home sales $10 - $19.99 million. Yet there was one sale over $20 million in 2019 — the corner of Lily Pond and Hedges on 3.3 acres which closed for $20.6 million — and zero in 2018.
The selling season is underway. Many savvy buyers are moving their resources into real estate.
To view all reports visit http://www.townandcountryhamptons.com/market-reports