“Considering we were locked down due to COVID-19 most of this quarter, the statistics show the resilience of the Hamptons Home Sales Market!”
Town & Country Real Estate CEO Judi Desiderio shares her insights for the Hamptons market after the second quarter. Despite a quarantine in which the market was forced to adapt to remote sales and closings, there were some strong numbers on the South Fork.
East Hampton Village had the highest Median Home Sales Price at $5,150 and the most expensive home sale according to the Town & Country 2nd Quarter Home Sales Report–32 Windmill Lane for $37 million. The increased activity on the high end (over $5 million) resulted in a spike in Total Home Sales Volume of +195%.
On the other end of the spectrum, Montauk took longer to thaw out. Year over year the Number of Home Sales sank 55% to only 9 for the entire second quarter and a Total Home Sales Volume drop of 39%.
Westhampton (which includes Remsenburg, Westhampton Beach, East Quogue, Quogue and Quiogue) saw the greatest statistical increase of 32% in the Number of Home Sales of all the 12 markets monitored by Town & Country.
Southampton Village had the second highest Median Home Sales Price at $3,825,000–a 7.75% increase year-over-year 2019 to 2020.
Sag Harbor Area (which includes Noyack and North Haven) enjoyed a nice ‘sail’ of home sales over $3 million, which popped the Median Home Sales Price up 52.5% to $1.475.
Sag Harbor Village Median Home Sales Price was $2,424,795–nearly 39% greater than last year but the Number of Home Sales tanked 60%.
Amagansett closed a $21 million home sale on the beach at 189 Marine Blvd–a new high watermark for the Dunes.
Looking at All Hamptons Markets Combined and you can see the number of sales year-to-year are on par but the Median Home Sales Price increased by 26% to $1,325,000 in 2020 from $1,050,000 in 2019.
This 2nd Quarter Home Sales Report demonstrates a slight uptick, particularly at sales over $1 million–watching closely the existing activity and I can say with confidence the 3rd Q 2020 Home Sales Report will be even better.
Desiderio acknowledges that the COVID-19 lockdown did have a negative impact on the North Fork markets.
Mattituck (which includes Laurel and Cutchogue) experienced a surge of 23.2% increased Median Home Sales Price to $717,500 2nd Q 2020 from $582,500 same period 2019. But the Number of Home Sales dropped 25% year-over-year.
Southold (which includes New Suffolk and Peconic) also enjoyed an uptick in Median Home Sales Price of 16.3% to $700,00 from $601,750 for the 2nd Q 2020 from 2019.
Orient (which includes East Marion and Greenport) had only 1 less home sale compared to last year but with that sale being over $2 million it resulted in the Median Home Sales Volume slipping 21.7%
Jamesport (which includes Aquebogue, Baiting Hollow and South Jamesport) experienced a quarter of unremarkable difference 2nd Q 2020 from 2019.
Desiderio notes that while this 2nd Quarter looked like a pullback in activity, I can say with confidence that the activity level moving forward to the 3rd Q will be vastly different. “The North Fork is no longer the best kept secret on the East End–the word is out!”