Running for the Hamptons

22.04.21

Owners of property in the Hamptons are the recipient of a luxury buying spree, as sales increased by nearly 50% in the first quarter of 2021, compared to a year ago, while $2 million-plus deals nearly tripled in that time.

The Covid-19 pandemic sent many New Yorkers running for the Hamptons, and a year later, the market remains robust and inventory is at record lows, according to a Douglas Elliman report on Thursday.

First-quarter sales in the Hamptons jumped 48.4%, compared to the same time last year, the data showed. Meanwhile, the median price of an East End home was up 31.3% to $1.3 million, and supply was down 40.5% year over year.

"The market pace remained brisk, with heavy sales volume and limited inventory,” according to the report. In fact, “listing inventory fell at its fastest rate in more than 13 years of tracking.”

By contrast, listing inventory for the luxury segment rose close to 50% in the first quarter, compared to the same time in 2020, according to the report—a sign high-end sellers are looking to capitalize on booming demand. Sales for homes in the top 10% of the market spiked 48.6% year over year for the first three months of 2021, the data showed.

The big-ticket buying spree was echoed by a separate report Thursday from the Corcoran Group, which found that sales for homes priced at more than $2 million nearly tripled in the first quarter.

“On the East End, agents have experienced incredible demand across all price points, but the high-end of the market is where the heat is,” Ernest Cervi, regional senior vice president for the East End at the Corcoran Group, said in the report.

“This market doesn’t show any signs of slowing down and the intoxicating mix of privacy, space and beautiful beaches continues to lure New Yorkers out East,” according to Mr. Cervi. “With 25% less inventory than we had a year ago, buyers who want a piece of the Hamptons in time for summer will need to move quickly.”

The number of sales increased across the villages and hamlets of the Hamptons in the first quarter, with Bridgehampton/Sagaponack recording the biggest surge, 306% year over year, Corcoran’s data showed. Amagansett and Shelter Island also saw significant growth, registering increases of 161% and 159%, respectively.