The last quarter results from the four agencies who compile data are all in, and the broad results are as follows. (Spoiler alert: it’s good news!) Each report tends to focus on slightly different parts of the market, so results tend to be slightly different from one another.
Douglas Elliman
Prices skyrocketed, while the number of sales were down. (Funny how that happens during a pandemic lockdown…) Single family sales set a new record price at $1,100,000.
Median sales price in the second quarter of 2020 was up 27.1% (compared to the same quarter in 2019) at $1,080,000, while the average sale jumped 21.1% to $2,090,761. The number of sales dropped 13.1% to 433.
Listing inventory was down 1.2% to 1,906. As for the luxury market (the highest 10% of sales), both the average ($9,550,557, up a whopping 29.0%) and median ($6,425,000, up 7.1%) prices were up, and the number of sales slumped 12.0%.
Town & Country
In T&C’s report, the number of sales were similar, year over year, the median home sales price increased by 26% to $1,325,000 in 2020 from $1,050,000 in 2019. The total home sales volume (sum of all sales) was up 10.79%.
Town & Country breaks up sales into eight ranges, from under $500K to over $20 million, and the lower end were down while the higher ends were up. The middling $2 – $3.49 million price range was up 33% in sales, while $3.5 million to $4.99 million was down 33%. (Over $20 million was up 100%, from 2 to 4 sales.)
Standout markets include East Hampton Village, with the highest median home sales price at $5,150,000. The increased activity on the high end (over $5M) resulted in a spike in total home sales volume of 195%! The East Hampton area, which includes Wainscott, recorded the most home sales for the Hamptons, with 74 trades.
Corcoran
The party continues with Corcoran’s report. The number of sales increased 21% year-over-year, while the median price was up 14% from 2Q19, resulting in the highest median price since 2015. The $2M+ market had a notable increase in transactions as the number of reported sales increased by 41%.
Average price was up 23% to $2,300,000, the second-highest figure on record, behind only 1Q20. Median price increased 14%, the largest annual increase in over five years. At $1,100,000, the South Fork median price was last higher in 4Q15.
The largest increase in sales occurred in Water Mill, where reported closings surged 127% year-over-year. Only two areas had a drop in sales. Hey Montauk—what gives? Sales fell 48%. In Bridgehampton/Sagaponack closings fell 14%.
As with T&C, Corcoran saw East Hampton Village as a standout. where average price was up 161% and median price was up 19%, the result of seven sales over $5M, whereas last year only two were reported.
Brown Harris Stevens
At BHS, total dollar volume, as well as the average and median prices, were up. Sales of single-family homes in the Hamptons during 2Q20 dipped very slightly compared to 2Q19, down only 3% from 332 to 322.
Sales prices in the Hamptons averaged $2,415,766 during 2Q20, a 14.5% increase from 2Q19, while the median price increased 24.8% to $1,300,000. So, despite slightly fewer sales, the total dollar volume of 2Q20 jumped by 11%. As for volume, with a jump in $10M+ sales, the total dollar volume in 2Q20 rose 11% to $777,876,510 after two years of second quarter declines.
So what’s ahead? More good times? We’re going to go with a firm “Yes, but.” Cityfolk want to be in the Hamptons more than ever, with the pandemic still raging, but uncertainties such as schooling and sales inventory are wildcards. Plus, we’re only still getting out of lockdown. One thing’s for sure: in uncertain times, it’s good to have a healthful, beautiful area to call home. Stay tuned.