The East End powered into 2021 with a huge first quarter: Closed sales jumped 89 percent in the Hamptons and 55 percent on the North Fork.
The South Fork
Reported closed sales increased an extraordinary 89% year-over-year, and sales volume increased by triple digits. Median price jumped 50%, up to $1.65M, as the high-end had a notable increase in transactions while the low-end saw sales decrease. Reported sales over $2M nearly tripled, but sales under $500K shrank 30%.
The number of sales increased in all South Fork villages and hamlets. The largest increase in sales occurred in Bridgehampton/Sagaponack, where there were four times as many closings as last year. Amagansett and Shelter Island also had sizable increases of 161% and 159%, respectively. The other villages and hamlets ranged from 22% up to 147% increases versus First Quarter 2020. Sales volume also increased in all villages and hamlets, most notably in Shelter Island and Bridgehampton/Sagaponack, where it rose 270% and 267%, respectively. Sales volume more than doubled in nine of the 13 areas.
Most villages and hamlets saw their price statistics rise year over year. Southampton Village was the only area with a decrease in both average price and median price, the result of a significantly smaller share of recorded sales over $10M.
The North Fork
Reported sales on the North Fork jumped 55% annually. All fi ve areas reported more sales than in First Quarter 2020. The largest increase in reported closings was Aquebogue/Jamesport, where the number of sales increased 121%. Overall sales volume doubled year-over-year. Aquebogue/Jamesport, the area with the most signifi cant increase, was up 184%, while East Marion/Orient increased 124%.
Overall median price and average price were each up 29%. Some areas had larger price shifts, with the average up 55% and median up 100% in East Marion/Orient because of a notable increase in the share of sales over $1M. Average price increased between 22% and 31% in all other North Fork regions, and median price increased between 9% and 34%.
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