“After two years of a pandemic-induced housing frenzy, sales trends on the East End are starting to normalize. That said, during the third quarter of 2022, the lack of inventory affected pricing and buyers, who normally dive head-first into the market, may have paused their search due to inflation and rising mortgage interest rates. I am eager to see how the market transitions as we close out the year and as buyers and sellers adapt to the current economic state.”
– Ernie Cervi, Regional Senior Vice President, East End
South Fork/Hamptons
Across a majority of the South Fork, sales have declined year-over-year as mortgage rates and inflation rise. While the reported 27% drop in sales is a figure more than likely skewed by the September 2022 Suffolk County data breach, the true number of sales remains above the five-year quarterly average.
- As the number of sales under $1M across the South Fork declined by more than 40% annually, overall sales volume dropped 16% to $1.771B.
- One major outlier was Amagansett, with a 173% increase in volume as almost 50% of the hamlet’s sales were over $10M, with two properties sold by Helmut Lang for a total close to $70M.
Median price on the South Fork hit a near record high in 3Q 2022 as sales over $5M grew 5% over 3Q 2021’s figures.
- Median price across all villages and hamlets jumped 4% to $1.8M.
- Average price was also up 13% to $3.3M, nearly reaching the record from 1Q 2022.
- With three sales over $30M, median and average price in Amagansett skyrocketed 228% and 302% year-over-year to $9.5M and $13.569M, respectively.
- The jump for these figures, as well as the aforementioned sales volume increase was in part due to the pricey Helmut Lang sale.
Residential Luxury Market (top 10% of all residential sales):
- Median and average price both increased over 3Q 2021, with median price reaching $9.63M and average price recorded at $13.51M.
- The most expensive sale of the quarter was 116 Meadow Lane in Southampton Village.
- In addition to Southampton Village, luxury sales predominately took place in Amagansett and Bridgehampton/Sagaponack.
North Fork
Overcoming fluctuating economic conditions, diminishing inventory, and high prices, the North Fork’s housing market remained strong, with sales increasing 2% year-over-year.
Price metrics in the North Fork were up double-digits as sales over $1M increased 38% over the previous year.
- With median price up 14% YOY to $880K, and average price up 23% to $1.163M, sales volume on the North Fork also saw a double-digit increase of 26% to $154.629M.
- Pricing in Mattituck/Laurel saw the highest annual median price increase of 67% to $1.04M.
- Up 59% to $53.154M, Southold/Peconic saw the largest year-over-ear jump in sales volume.
- Peconic was also home to the North Fork’s most expensive sale: an $8M estate on Peconic Bay.
Residential Luxury Market (top 10% of all residential sales):
- On the North Fork, luxury median price increased 14% and average price was up 27%.
- Sales volume increased 17% to $41.071M on the North Fork due to the rising prices.