The East End Real Estate Market Report: Q4 2020
The year went out like a lion on the East End. Closed sales during Q4 jumped a huge 68% year-over-year in the Hamptons and 26% on the North Fork.
The South Fork
South Fork reported closed sales increased a remarkable 68% year-over-year. Median price was also up by a significant margin, rising 58% from Fourth Quarter 2019 to the highest median price on record. The high-end had a notable increase in transactions as the number of reported sales over $2M increased by 156%.
The number of sales increased in all South Fork villages and hamlets. The largest increase in sales occurred in Quogue Village/Quogue, where closings jumped 225% year-over-year. Amagansett and Southampton Village also had sizable increases of 164% and 155%, respectively. The other villages and hamlets ranged from 6% up to 108% increases versus Fourth Quarter 2019. Sales volume also increased in all villages and hamlets, most notably in Quogue Village/Quogue, where it rose 388%. Sales volume more than doubled in nine of the 13 areas.
Due to quite a few pricier purchases, average and median price both rose. Average price was up 39% to $2.558M, and median price was up 58% to $1.583M, making this the highest quarter on record for both.
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 88% and media price was up 65%, the result of nine sales over $10M, compared to zero in Fourth Quarter 2019.
The North Fork
Reported sales on the North Fork jumped 26%. The largest increase in reported closings was Southold, where the number of sales increased 75%. Aquebogue/ Jamesport and Greenport were the only areas with fewer closings than Fourth Quarter 2019, down 17% and 20%, respectively. Overall sales volume increased 60% year-over-year. Southold was up 160% from last year while East Marion/ Orient was up 85%. Sales volume was down most significantly in Aquebogue/ Jamesport with a drop of 21%.
Overall median price and average price were each up 27%. Some areas had larger price shifts, with the average up 49% in Southold due to an increase in the share of sales over $750K and down 4% in Aquebogue/Jamesport due to zero sales over $1M in Fourth Quarter 2020.
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