The East End roared into the second quarter: Compared with 2020, closed sales jumped 91 percent in the Hamptons and 95 percent on the North Fork.
The South Fork
- Reported closed sales increased an extraordinary 91% YOY, and sales volume increased by triple digits. Median price jumped 47%, up to $1.6M, as the high-end of the market had more notable increases in transactions and the low-end saw sales decrease. Reported sales over $3M nearly tripled, but sales under $500K shrank 23%.
- While the number of sales increased in all South Fork villages and hamlets, the largest increase in sales occurred in Bridgehampton/Sagaponack, where there were nearly four times as many closings as last year.
- East Hampton Village and Montauk also had sizable increases of 175% and 162%, respectively.
- The other villages and hamlets ranged from 45% up to 132% increases versus Second Quarter 2020.
- Sales volume also increased in all villages and hamlets, again most notably in Bridgehampton/Sagaponack, where it rose an astounding 673% because of a significant increase in share of sales over $5M, including ten reported closings between $10M and $26M, while there were none in Second Quarter 2020.
- Sales volume more than doubled in seven of the 13 areas, including nearly tripling in Montauk.
Sales/Prices
- Closed sales increased 91% YOY to 944
- Sales volume increased 129% YOY to $2.592 billion
- Average sale price increased 20% YOY to $2.746 million
- Median sale price increased 47% YOY to $1.600 million
- Highest number of South Fork sales: East Hampton (194 houses sold)
Residential Luxury Market (top 10% of all residential sales)
- While more reported luxury market closings occurred in Southampton Village and Water Mill in the second quarter of 2020, reported luxury sales shifted into Bridgehampton/Sagaponack in 2021.
- Average and median price increased 5% and 24%, respectively, as all luxury sales in Second Quarter 2021 were over $5M while just under three-quarters were in 2020.
- The most expensive reported sale was at 66 Wainscott Main Street in East Hampton for $66M.
The North Fork
- Reported sales on the North Fork jumped 95% annually. All five areas reported more sales than in 2Q 2020, while the largest increase in reported closings was Aquebogue/Jamesport, where the number of reported sales tripled and sales volume quadrupled. Overall North Fork sales volume increased 173%, while sales volume in Southold and East Marion/Orient increased the most – at 268% and 222%, respectively.
- Overall median price was up 33% while average price increased by 40%.
- Some areas had larger price shifts – Southold increased most notably with average price jumping 72% and a median price increase of 57% due to increased activity over $1M, including one sale at $7M. Excluding this sale, average price would have increased by 57%, rather than 72%.
- Average price increased between 20% and 79% in all other North Fork regions, and median price increased between 9% and 49%.
Sales/Prices
- Closed sales increased 95% YOY to 224
- Sales volume increased 173% YOY to $213.727M
- Average sale price increased 40% YOY to $954K
- Median sale price also increased 33% YOY to $780K
- Highest number of North Fork sales: Mattituck/Laurel (63 houses sold)
Residential Luxury Market (top 10% of all residential sales)
- On the North Fork, luxury median price and average price increased by 50% and 60%, respectively.
- The top 10% of reported sales in Second Quarter 2021 had a greater market share of deals over $2M, causing median price and average price to increase.
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