The second quarter saw a flurry of activity on the East End. Closed sales jumped 21% year-over-year in the Hamptons and 13% on the North Fork.
The South Fork
South Fork reported closed sales increased 21% year-over-year. Median price was up 14% from Second Quarter 2019, resulting in the highest median price since 2015. The $2M+ market had a notable increase in transactions as the number of reported sales increased by 41%.
The largest increase in sales occurred in Water Mill, where reported closings surged 127% year-over-year. Quogue Village/Quogue also had a sizable increase of 80%, while East Hampton and East Hampton Village sales increased 56% and 50%, respectively. Only two areas had a drop in sales. The largest drop was in Montauk, where sales fell 48%; Bridgehampton/Sagaponack closings fell 14%. The other villages and hamlets ranged from 2% to 24% increases versus First Quarter 2019. Sales volume increased in ten of 13 areas, most notably in East Hampton Village where it rose a remarkable 292% due to several deals ranging over $15M.
With more deals at the high-end, average and median prices both rose. Average price was up 23% to $2.3M, the second-highest figure on record, behind only First Quarter 2020. Median price increased 14%, 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 East Hampton Village, where average price was up 161% and median price was up 19%, the result of seven sales over $5M, whereas last year only two were reported. Other large average price changes were seen in Quogue Village/Quogue (115%) and Southampton Village (72%), due to significant sales on or very near the ocean.
The North Fork
Reported sales on the North Fork jumped 13%. Aquebogue/Jamesport (-31%) and Mattituck/Laurel (-5%) were the only areas to have fewer closings than Second Quarter 2019. The largest increase in sales was Southold, where the number of reported closings was up 65%. Overall sales volume increased 11% year-over-year. Southold was up 49% from last year while Greenport was up 24%. Sales volume was down in Aquebogue/Jamesport and East Marion/Orient by 28% and 19% respectively.
Overall, pricing was relatively flat. Average price fell 2% but median price increased 3%. Some areas had larger price shifts, with the average up 21% in Mattituck/Laurel but down 46% in East Marion/Orient. East Marion/Orient had six sales over $1M reported last year, but only two in Second Quarter 2020, which also contributed to its median price falling 34%.