The last quarter results from the four agencies who compile data are all in, and the broad results are as follows. Each report tends to focus on slightly different parts of the market, so results tend to be slightly different from one another. Basically: everyone wants to be in the Hamptons.
Douglas Elliman
Sales surged quarter over quarter, as the market rebounded from lockdown. And median sales price reached its highest level in fifteen years of tracking after the largest year-over-year jump in sales in nearly seven years.
The median sales price in the third quarter of 2020 was up 40% (compared to the same quarter in 2019) at $1,200,000, while the average sale jumped 46% to $2,008,595. The number of sales leaped 51% year over year to 607.
Listing inventory was down 28% to 1,842. As for the luxury market (the highest 10% of sales), both the average ($7,706,962, up a whopping 47%) and median ($5,800,000, up 65%) prices were way up, and the number of sales jumped 48% to 61.
Town & Country
In T&C’s report, the number of sales were up 52% year over year, to 441. The median home sales price increased by 23.64% to $1,275,000 in 2020 from $1,031,250 in 2019. The total home sales volume (sum of all sales) was up an amazing 102%!
Town & Country breaks up sales into eight ranges, from under $500K to over $20 million, and every single one was up. The middling $2 – $3.49 million price range was up 70% in sales, while $3.5 million to $4.99 million leaped 180%. (Over $20 million was up 200%, from 1 to 3 sales.)
Standout markets includes the East Hampton area, which includes Wainscott, which recorded the most home sales for the Hamptons, with 95 trades. East Hampton Village, however, was a little off: 7 trades this quarter while there were 9 same time previous year.
Corcoran
At Corcoran, closed sales jumped 38% year-over-year in the Hamptons and 23% on the North Fork. On the South Fork, median price was up 21% from the same quarter in 2019, resulting in the highest median price on record, $1,200,000. The average price was $2.041,000, up 11% year over year, and the highest third quarter on record.
The number of sales increased in all but one hamlets except for East Quogue/Hamptons. The largest increase in sales occurred in Southampton Village, where closings swelled 89% year-over-year. Bridgehampton/Sagaponack leaped 80%. The other villages and hamlets ranged from 18% up to 60% increases versus the same quarter last year.
Sales volume increased in 11 of 13 areas, most notably in East Hampton Village (an astounding 330%) and Quogue Village/ Quogue (104%). The most dramatic change was in East Hampton Village, where average price was up 187% and median price was up 104%, the result of five sales over $5M, compared to zero in the same quarter 2019.
Brown Harris Stevens
Covid-related demand drove the market up, too, at Brown Harris Stevens. Total dollar volume for the area rose unprecedented 101.5% to over $973,000,000 from $483,000,000 in the third quarter of 2019. Of course, the average and median sales also rose; sales prices in the Hamptons averaged $2,173,353 during the third quarter, an increase of 33.2% over last year, while the median price jumped 26.2% to $1,267,500.
So what’s ahead? Is the party going to continue? All indications are yes. Judi Desiderio, president of Town & Country, said, “The only report better than [the current] one will be next quarter!” Stay tuned.