"As we concluded 2019, the fourth quarter had a strong finish and was a great catalyst for 2020," Todd Bourgard, Douglas Elliman
Senior Executive Manager of Sales for the Hamptons region, shared. "Low interest rates and appropriately priced homes continue to create a confident market."
In the Hamptons, the median sales price dropped year over year for the third time in four quarters, as noted in the recently released Elliman Reports: Hamptons Q4-2019. While the area saw the second-lowest number of fourth-quarter sales in 11 years, the number of sales increased annually for the first time in eight quarters. Compared to the same period a year ago, the median Hamptons sales price was down 8.9 percent to $906,250, while the average sales price fell 4.9 percent to $1,908,303, but the number of sales was up by 11.1 percent to 400.
"There has been a huge uptick in high end sales in the Hamptons," Andrea L. Ackerman, Licensed Real Estate Associate Broker, Brown Harris Stevens
of the Hamptons, LLC, explained. "The level of activity is considerably higher in all price points. It's exciting."
The average sales price in the luxury market grew a whopping 68.1 percent from Q3 ($5,216,397) to Q4 ($8,767,667). That didn't impact the number of sales, which remained steady at 41 (Q3 to Q4), but was up by 10.8 percent compared to Q4 of 2018.
"While the Fourth Quarter of 2019 experienced declines in both the number of transactions and the total dollar volume, as compared to the Fourth Quarter of 2018, certain price ranges remained largely unaffected," Robert Nelson, Brown Harris Stevens Executive Managing Director, Hamptons, added. "The ultra-high-end market with sales of over $10 million - the demographic least affected by market vagaries - showed signs of stability with 10 transactions during the last quarter of 2019, versus 11 such sales the previous year. The $2 million to $3 million market also remained resilient."
"At BHS, we enjoyed a spike in activity in the latter part of the 4th quarter, particularly on the high-end of the market," Nelson said. "Some of this activity has yet to recorded by Suffolk County and will not reflected in the market reports until the end of the first quarter of 2020."
"The Town & Country
4th Quarter Hamptons Home Sales Report demonstrates we hit the bottom with a thud! For over a year, price corrections throughout our Hampton markets were a daily activity," Judi A. Desiderio, Town & Country Chief Executive Officer, relayed. "Now homes that have been on the market for a year or more are finding more showings and offers and it's JANUARY! Ordinarily the slowest month of the year for sales activity... but not this year!"
The Town & Country Hamptons 2019 Year End Home Sales Report notes that the Bridgehampton market (which includes Water Mill and Sagaponack) reported the greatest total home sales volume of $682,386,829, however that was still 17 percent less than the previous year. East Hampton Village earned the title of highest median home sales price at $3,513,213, but that was 28 percent lower than in 2018. Southampton Village
experienced a major uptick in median home sales price at $2.75M, a 31 percent increase from 2018. The Sag Harbor Village median home sales price also rose by 12.6 percent from $1,377,000 to $1,550,000.
"Buyers are getting tremendous value. Sellers are happy to move on," Desiderio added. "The difficulty for brokers is that negotiating two polarized viewpoints to one common price is challenging now more than ever agents' negotiation skills make the difference between making a deal or not."
On the South Fork, The 4Q Corcoran
Report notes sales were up by 3 percent (503), while the median price remained the same at $999,000.
"East End sales activity saw a solid increase in business at the end of the year in fourth quarter 2019. Both South and North Fork closed sales increased 3 percent and 15 percent respectively," Ernie Cervi, Regional Senior Vice President, East End, Corcoran, shared. "A strong economy, record low interest rates, great inventory priced right created the perfect storm for buyers to purchase. While overall South Fork prices were essentially flat, Sag Harbor/North Haven had the largest increase in price statistics with average price up 31 percent and median price up 41 percent due to more sales over $5M and fewer sales under $1M."
"Many buyers have been on the sidelines for the last year or so, but this could change as we see sellers becoming more realistic and reach a more acceptable threshold of asking prices," Nelson concluded. "Such turning points can drive the market forward with renewed strength and remind us that the Hamptons is an intrinsically powerful place to own quality real estate."
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
East End Tick Control
The East End's only New York State licensed dedicated tick and mosquito control specialists!
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.
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 email@example.com. 1020 MONTAUK HIGHWAY, WATER MILL