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.
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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.

About Our Photo

East Hampton Main Beach, by Zach Stovall. Click photo for Instagram.
East Hampton Main Beach, by Zach Stovall. Click photo for Instagram.

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