Momentum grew on the East End during the third quarter. Closed sales jumped 38% year-over-year in the Hamptons and 23% on the North Fork.
The South Fork
South Fork reported closed sales increased 38% year-over-year. Median price was up 21% from Third Quarter 2019, resulting in 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 88%.
The number of sales increased in all but one South Fork village or hamlet. The largest increase in sales occurred in Southampton Village, where closings swelled 89% year-over-year. Bridgehampton/Sagaponack also had a sizable increase of 80%. The other villages and hamlets ranged from 18% up to 60% increases versus Third Quarter 2019. The only area with a decrease in sales was East Quogue/Hampton Bays, where there was a slight 4% decline in closings. Sales volume increased in 11 of 13 areas, most notably in East Hampton Village and Quogue Village/ Quogue, where it rose 330% and 104%, respectively.
Due to added deals at the high-end, average and median price both rose. Average price was up 11% to $2.041M, the highest third quarter on record. Median price increased 21%, the largest annual increase in over five years, to $1.2M, the highest South Fork median price on record.
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 187% and median price was up 104%, the result of five sales over $5M, compared to zero in Third Quarter 2019.
The North Fork
Reported sales on the North Fork jumped 23%. The largest increase in reported closings was East Marion/Orient, where the number of sales increased 106%. Southold was the only area with fewer closings than Third Quarter 2019, down 19%. Overall sales volume increased 37% year-over-year. East Marion/Orient was up 106% from last year while Mattituck/Laurel was up 85%. Sales volume was down only in Southold (-16%).
Overall average price jumped 11%, and median price increased 7%. Some areas had larger price shifts, with the average up 34% in Mattituck/Laurel due to an increase in sales over $1.5M and down 14% in Greenport due to zero sales over $1M in Third Quarter 2020.