The Hamptons saw the strongest quarter for sales in a year and a half, with sales up 7% year-over-year. The North Fork, however, dipped 16% during Q1.
The South Fork
The South Fork experienced its strongest quarter for sales in a year and a half. Reported closed sales increased 7% year-over-year. The high-end had a more pronounced improvement in sales, resulting in an even greater increase in sales volume of 35%.
The largest increase in sales occurred in Water Mill, where reported closings jumped 88% year-over-year. Southampton Village and Quogue Village/Quogue also had notable increases of over 60%. The largest drop was in Bridgehampton/Sagaponack, where sales fell 36%. The other villages and hamlets ranged between up 13% to down 18% versus First Quarter 2019. Sales volume increased in nine of 13 areas, most notably in Southampton Village where it rose a remarkable 428% thanks to a flurry of deals over $10M.
With more deals at the high-end, average and median price both rose. Average price was up 27% to $2.3M, the highest figure on record. Median price increased 10%, the largest annual increase in over five years. At $1.1M, South Fork median price was last higher in Fourth Quarter 2015.
Most villages and hamlets saw their price statistics rise year-over-year. The most dramatic change was in Southampton Village, where average price was up 225% and median price was up 94%, the result of ten sales over $10M, whereas last year only two were reported. Other large average price changes were seen in Southampton (70%) and Shelter Island (66%), which both had an increase in closings over $2M.
The North Fork
Reported sales on the North Fork dipped 16%. All areas had fewer closings than First Quarter 2019, except for Southold, which had a 14% uptick in sales. The largest drop was in Aquebogue/Jamesport, where the number of closings reported was down 49%. Sales volume decreased 17% year-over-year. Southold was up, however, 10%, as was Greenport, which had a 6% higher sales volume despite fewer reported closings.
Overall, pricing was relatively flat. Average price fell 1% but median price increased 3%. Some areas had larger price shifts, with the average up 12% in Greenport and 8% in Aquebogue/Jamesport but down 30% in East Marion/ Orient. East Marion/Orient had three sales over $1.5M reported last year, but none in First Quarter 2020, which also contributed to its median price falling 18%.