“Even with inventory hitting record lows, the East End real estate market is a hot spot for buyers who remain committed to securing their piece of this picturesque part of the country. 4Q 2021 sales on the South Fork were the second-highest for any fourth quarter on record and due to a 26% jump in average price, sales volume on the North Fork increased 8% annually.
While contracting supply has led to price increases across all property types, we’re still seeing a significant shift in the luxury market. The share of luxury sales over $6M on the South Fork increased to over 90%, while the North Fork’s top 10% of sales saw a greater share over $2M this quarter. Interest in the exclusive Hamptons lifestyle isn’t going away anytime soon and I anticipate we’ll see prices continue to rise well into 2022.”
– Ernie Cervi, Regional Senior Vice President, East End
Even with a 16% drop from this time a year ago, 4Q sales in South Fork were still the second highest reported of any fourth quarter on record, proving that the area is still hot with buyers.
- Sales volume decreased by just 2%, while median price improved 3%, up to $1.6M.
- Although all price ranges saw varying decreases in number of reported sales, the under $500K category showed the deepest drop in transactions while the market over $5M decreased the least.
Sales were up 17% annually in East Quogue/Hampton Bays and flat in Quogue/Quogue Village, whereas the number of sales decreased in all other South Fork villages and hamlets.
- Because of strong demand and shrinking inventory, median price was up in all but two of the villages and hamlets.
- Median price rose most in East Hampton Village, where it was up 37% year-over-year. Water Mill followed with a 25% increase versus last year.
Despite the number of sales falling in all but one area, there was a double-digit gain in sales volume in five of the 13 villages and hamlets.
- Sales volume increased most remarkably in Water Mill, jumping 65%. East Quogue/Hampton Bays followed with a 43% growth in volume.
- Closed sales decreased 16% YOY to 717
- Sales volume decreased 2% YOY to $2.118 billion
- Average sale price increased 17% YOY to $2.954 million
- Median sale price increased 3% YOY to $1.6 million
- Highest number of South Fork sales: East Hampton (157 houses sold)
Fourth Quarter 2021 inventory was 1,828 listings, a 17% decrease quarter-over-quarter and a 32% drop from 4Q 2020.
- This is the lowest number recorded since Corcoran switched to a new listing system in 2019.
Reported sales on the North Fork fell 14% annually. Only Mattituck/Laurel showed an annual increase in reported sales, improving 5%.
- Overall sales volume was up 8% year-over-year to $198.653M.
- Mattituck/Laurel (32%), Aquebogue/Jamesport (20%), and East Marion/Orient (7%) all showed sales volume increases versus last year.
Price metrics increased in nearly all five areas with the exception of Greenport, where average price decreased 3% due to a greater share of sales under $600K.
- Overall median price was up 11% while average price increased 26%.
- Median price jumped most significantly in Aquebogue/Jamesport, a jump of 31%, as reported sales over $750K quadrupled.
- Closed sales decreased 14% YOY to 185
- Sales volume increased 8% YOY to $198.653M
- Average sale price increased 26% YOY to $1.0744M
- Median sale price also increased 11% YOY to $805K
- Highest number of North Fork sales: Mattituck/Laurel (81 houses sold)