“Since the start of the pandemic, the East End has been on a dazzling hot streak with unprecedented activity from buyers looking for more space and increased privacy. After a record-breaking two years, the market started to cool down in the First Quarter of 2022. But rest assured, there is no shortage of active East End buyers, just a lack of available properties for them to buy. Right now, we’re in a true sellers’ market— and for anyone on the fence about putting their home up for sale, this is a perfect time to take advantage of record-high pricing. 2022 will certainly be a very interesting year in East End real estate.”

Ernie Cervi, Regional Senior Vice President, East End

South Fork/Hamptons

Demand in the Hamptons remains strong, shrinking inventory even further and causing pricing to surge to record highs.

  • Double-digit year-over-year jumps in both median and average price propelled these statistics to their highest point on record.
  • Median price and average price increased by double-digits—up 14% to $1.840M and up 29% to $3.459M, respectively.
  • Median price increased most significantly in East Hampton Village, where it jumped 120%, from $3M to $6.6M due to a marked rise in the share of sales over $10M.
  • Westhampton Beach was the one outlier, where median price dropped because of a smaller share of sales over $2M.

Despite the notable growth in pricing, due to contracting inventory, sales were down across all South Fork villages and hamlets.

  • The number of reported closed sales was down 37% from the market’s peak a year ago, and sales volume also dropped 18% annually and 10% quarter-over-quarter.
  • Sag Harbor/North Haven exhibited the least significant decline, but still fell 23% year-over-year. Comparatively, the largest decrease in sales occurred in Amagansett, where there were nearly half the number of sales year-over-year.
  • Sales volume, however, increased in three of the 14 hamlets and villages (Montauk, East Hampton Village and Water Mill). Volume increased most notably in Water Mill, with an annual change of 65% due to two sales over $55M.

Residential Luxury Market (top 10% of all residential sales)

  • On the South Fork, the top 10% of reported sales in First Quarter 2022 exhibited an increase in median and average price as the share of sales over $10M grew from 30% to more than half.
  • The most expensive sale of the quarter was 70 Further Lane in East Hampton Village for $59.5M.
  • With sales down 37% on the South Fork, luxury market sales volume also decreased to $995.764M, an annual change of 14%.

North Fork

The North Fork remained strong at the start of 2022, but just like in the Hamptons, scarce supply paired with high demand caused fewer deals.

  • With less availability, sales across the North Fork fell 36% annually and 26% quarter-over-quarter.
  • All villages and hamlets displayed year-over-year declines in sales, although quarter-over-quarter sales increased in Greenport and Aquebogue/Jamesport—a difference of 18% and 15%, respectively.
  • Overall, sales volume was down 26% year-over-year to $136.825M. Mattituck/Laurel was the only one of the six areas with an increase in volume, growing 2% year-over-year to $31.564M.

Overall median price was up 10% year-over-year while pricing increased in nearly all areas.

  • Price metrics increased in nearly all areas across the North Fork, with the exception of Southold/Peconic, where average price decreased 9% due to a several transactions of over $2M in 1Q 2021 that skewed the number.
  • Overall, median price was up 10% while average price increased 15%.
  • Sales under $750K decreased by more than 12 percentage points, as sales in the $1.5M category rose over 5%.

Residential Luxury Market (top 10% of all residential sales)

  • On the North Fork, luxury median price and average price increased 9% and 16%, respectively.
  • Even as sale prices increase, with fewer deals, luxury market sales volume declined annually across the North Fork by 28%.

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