Log In   ·   Become A Member

Hamptons Real Estate Market Closes Out 2017 On A High Note

Nicole Barylski

101 Pheasant Lane in Southampton was among properties that closed during the fourth quarter.

"The market in the Hamptons saw rising prices and sales volume, paired with a large decrease in inventory this quarter," said Carl Benincasa, Douglas Elliman's Regional Vice President of Sales for the Hamptons. "With prices steadily increasing now for the fourth consecutive quarter, overall market conditions have been solid."

Douglas Elliman's Hamptons Sales Q4 2017 Report notes that the Hamptons median sales price increased 7.6 percent to $995,000, but the average sales price dropped 9.7 percent to $1,839,641. The number of sales increased 5.3 percent to 552 and the listing inventory dramatically dropped 42.5 percent to 756.

"The last three months of 2017 was a solid performance for Hampton home sales," shared Judi A. Desiderio, Town & Country Chief Executive Officer. That's especially true for East Hampton Village, which Town & Country notes had the highest median home sales price of its 4th Quarter Hamptons Home Sales Report. The Village's $3.1 million median home sales price was a 29 percent leap from 2016.

"Town & Country's Year End Home Sales Report is just being inked now and show the momentum of last year's activity," Desiderio said. "While 2017 was a good year, we expect 2018 to be even better. All the factors that drive our markets are poised to heighten demand."

On the East End, both closed sales and sales volume saw double-digit growth compared to a year ago.

"It was a very robust quarter for us on the East End, both the North and South Forks," Ernest Cervi, Regional Senior Vice President of Corcoran's East End offices, explained. "Even though we were expecting a healthy market, I don't think anyone could have predicted it would have been this strong!"

The East Hampton/Wainscott saw the largest number of South Fork sales (128), which was a 62 percent increase from last year. East Quogue/Hampton Bays' 99 sales resulted in the second highest number of South Fork sales. It was a 30 percent increase from the fourth quarter of 2016.

"Value is driving today's market, and we have been seeing many first-time home buyers looking for summer homes this quarter who are snapping up the well-priced inventory," Cervi reflected. "The North Fork also continues to be incredibly popular with buyers looking for value, which we have continued to see represented in our reports for years."

In 2017, there were over 40 sales over $10 million. However, more than 68 percent of all sales in the Hamptons and over 85 percent on the North Fork came in at below $2 million in the fourth quarter.

"The jump in activity reported in the 4th Quarter 2017 versus 2016 shows buyers stepping forward with more confidence to invest in this market after the uncertainties of the 2016 election year, and also shows that sellers have become more realistic in their asking prices," said Aspasia G. Comnas, Executive Managing Director, Brown Harris Stevens of the Hamptons, LLC. "While there was an increase in activity everywhere, the incredible jump reported for Sagaponack should be weighed against the small number of transactions for that area (6 in 4Q 2017 v. 3 in 4Q 2016) - it does not take much to skew the numbers in such a small market area."

13 of the 14 South Fork market areas monitored by Corcoran saw increased sales activity. Compared to the fourth quarter of 2016, the South Fork/Hamptons closed sales grew by 34 percent to 581.

"Overall, the activity that we are currently witnessing in the first quarter leads us to believe that the remainder of the quarter will be very strong," Cervi concluded.

Nicole is the Editor-in-Chief of Hamptons.com where she focuses on lifestyle, nightlife, and mixology. She grew up in the Hamptons and currently resides in Water Mill. www.hamptons.com NicoleBarylski NicoleBarylski

Related Articles:

Be the first to comment on this article. (Just fill out the form below)

Submit Your Comment

Please note, you are not currently logged in. Your comment will be submitted as a guest.
To submit your comment as a member, please click here.
Your Name:
* Comments will be reviewed and posted in a timely fashion
* All fields are required
What color is a banana?
(For spam prevention, thanks)
East End Tick Control
The East End's only New York State licensed dedicated tick and mosquito control specialists!

Hamptons Carpet One Floor & Home
We pay less,and so do you.With over 1,000 stores in our buying group, we can get the lowest prices from the best flooring manufacturers — and pass the savings on to you.Visit our other locations: Hamptons Carpet One Floor & Home, 675 North Sea Road,Southampton, NY 11968

Southampton Masonry-Visiting the Southampton or the Wainscott locations is an exciting experience.
Southampton Masonry has been serving Long Island's masonry and tile needs since 1975. Delivering quality products from Manhattan to Montauk for over three decades. The company's continued success is due primarily to their number one priority: customer satisfaction, with a promise of prompt and courteous service from the professional, knowledgeable staff. Southampton Masonry has the largest inventory on the east end. As direct importers they can offer a large variety of the finest quality products at the most competitive pricing for both your interior and exterior projects.

CP Complete- Landscape Design & Construction
Paul Guillo And Chris Hall Two Of The Most Respected Names In The Community Together, they are partners in CP Complete. They bring their years of experience and integrity to creating and renovating luxury backyards.

Hamptons luxury real estate specialist for 33 years, Andrea Ackerman offers outstanding expertise in the field.
Hamptons luxury real estate specialist for 34 years, Andrea Ackerman offers outstanding expertise in the field. Trusted, experienced and successful, Andrea has solidified herself as the go-to broker of the Hamptons and a wholehearted advocate for her clients. A pioneer in the real estate industry on the East End of Long Island, she is driven by her passion for the business. Andrea is based in the Bridgehampton office of Brown Harris Stevens as a licensed real estate associate broker and consultant. Formerly, a principal partner and Senior Director at Brown Harris Stevens, Andrea now assists in developing their corporate strategy for the Hamptons region, advising other brokers and sales associates, as well as being one of the top producers and listors.

Southrifty Drug 54 Jagger Lane, Southampton Village
Southrifty Drug is a small, neighborhood pharmacy with limited shelf space, and we have to be very selective about which over-the-counter items we carry. As a result you'll find a no nonsense concentration of very effective, high quality and useful products on our shelves. In this new section, we feature a number of these products that we feel are especially worthy of your consideration.

Alex Ferrone Gallery
As the only one of its kind on the North Fork, we exhibit and sell contemporary fine art works by mid-career and emerging artists with an emphasis on photo-based art. Fine art admirers and collectors enjoy opportunities to meet our exhibiting artists at special events including public receptions, Gallery Talks, and workshops.

Alex Ferrone Gallery
As the only one of its kind on the North Fork, we exhibit and sell contemporary fine art works by mid-career and emerging artists with an emphasis on photo-based art. Fine art admirers and collectors enjoy opportunities to meet our exhibiting artists at special events including public receptions, Gallery Talks, and workshops.

Burner Law Group, P.C.
Burner Law Group, P.C. are full service elder law attorneys concentrating in the areas of Estate Planning, Trust and Estate Administration and Litigation, Special Needs Planning, Guardianship and Elder Law. Offices in East Setauket‚ NY, Westhampton Beach, NY, and New York, NY.

Calissa is Mykonos in the Hamptons.
Our menu focuses on seafood and Greek dishes such as salt baked fish, seafood pasta and Mediterranean mezze. Our wine list has been awarded The Award of Excellence from Wine Spectator and boasts the largest selection of rosé in the Hamptons. The name Calissa is derived from the brightest constellation in the summer sky.Our sister restaurants in New York are Amali and Bar Marseille, opening 2020 in the Rockaways. Calissa offers private dining spaces for groups from 10 to 300 people. To plan your next wedding, corporate event or gathering, please email events@calissahamptons.com. 1020 MONTAUK HIGHWAY, WATER MILL

Suburban Propane in Bridgehampton, New York has been serving proudly supporting our community for 90 years.
Suburban Propane has been serving the energy needs for home owners and business in the Hampton’s for decades. We offer friendly service by local professionals you know and trust, plus the peace of mind that comes from knowing we are among the leaders in the industry for safety.