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Hamptons.com

Hamptons Real Estate Market Closes Out 2017 On A High Note

Nicole Barylski by Nicole Barylski
January 25, 2018
in Real Estate
Home Real Estate

“The market in the Hamptons saw rising prices and sales volume, paired with a large decrease in inventory this quarter,” said Carl Benincasa, Douglas Elliman’s Regional Vice President of Sales for the Hamptons. “With prices steadily increasing now for the fourth consecutive quarter, overall market conditions have been solid.”

Douglas Elliman’s Hamptons Sales Q4 2017 Report notes that the Hamptons median sales price increased 7.6 percent to $995,000, but the average sales price dropped 9.7 percent to $1,839,641. The number of sales increased 5.3 percent to 552 and the listing inventory dramatically dropped 42.5 percent to 756.

“The last three months of 2017 was a solid performance for Hampton home sales,” shared Judi A. Desiderio, Town & Country Chief Executive Officer. That’s especially true for East Hampton Village, which Town & Country notes had the highest median home sales price of its 4th Quarter Hamptons Home Sales Report. The Village’s $3.1 million median home sales price was a 29 percent leap from 2016.

“Town & Country’s Year End Home Sales Report is just being inked now and show the momentum of last year’s activity,” Desiderio said. “While 2017 was a good year, we expect 2018 to be even better. All the factors that drive our markets are poised to heighten demand.”

On the East End, both closed sales and sales volume saw double-digit growth compared to a year ago.

“It was a very robust quarter for us on the East End, both the North and South Forks,” Ernest Cervi, Regional Senior Vice President of Corcoran’s East End offices, explained. “Even though we were expecting a healthy market, I don’t think anyone could have predicted it would have been this strong!”

The East Hampton/Wainscott saw the largest number of South Fork sales (128), which was a 62 percent increase from last year. East Quogue/Hampton Bays’ 99 sales resulted in the second highest number of South Fork sales. It was a 30 percent increase from the fourth quarter of 2016.

“Value is driving today’s market, and we have been seeing many first-time home buyers looking for summer homes this quarter who are snapping up the well-priced inventory,” Cervi reflected. “The North Fork also continues to be incredibly popular with buyers looking for value, which we have continued to see represented in our reports for years.”

In 2017, there were over 40 sales over $10 million. However, more than 68 percent of all sales in the Hamptons and over 85 percent on the North Fork came in at below $2 million in the fourth quarter.

“The jump in activity reported in the 4th Quarter 2017 versus 2016 shows buyers stepping forward with more confidence to invest in this market after the uncertainties of the 2016 election year, and also shows that sellers have become more realistic in their asking prices,” said Aspasia G. Comnas, Executive Managing Director, Brown Harris Stevens of the Hamptons, LLC. “While there was an increase in activity everywhere, the incredible jump reported for Sagaponack should be weighed against the small number of transactions for that area (6 in 4Q 2017 v. 3 in 4Q 2016) – it does not take much to skew the numbers in such a small market area.”

13 of the 14 South Fork market areas monitored by Corcoran saw increased sales activity. Compared to the fourth quarter of 2016, the South Fork/Hamptons closed sales grew by 34 percent to 581.

“Overall, the activity that we are currently witnessing in the first quarter leads us to believe that the remainder of the quarter will be very strong,” Cervi concluded.

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  • Bay Street Theater Announces 2022 Main Stage Productions

Bay Street Theater has announced their 2022 Mainstage Season. Assistant Artistic Director, Will Pomerantz expressed the enthusiasm both he and Artistic Director Scott Schwartz have for this season’s shows.

In an exclusive Hamptons.com interview Pomerantz said, “We are all completely excited at Bay Street to be presenting our first full mainstage season in over three years. The summer will be a wonderful mix of comedy, drama and musical theater, with something for everyone!” Read the full article at Hamptons.com (Link in Bio) #hamptons #baystreet
  • Sixty-Something: A Tapestry of Historic Hamlets

The future is always in front and somewhat unknown. We live in the now, but the past is a collection of lessons learned and hopefully preserved to be remembered for pretext and guidance.

The east end is chock full of vibrant history and a wonderful now and, I believe, a promising future. My east end journalistic journey of the last twenty years has awarded me the opportunity to investigate, interview, and get to observe the events, the folks and the ways of life of the east end. I have been able to report from Speonk to Montauk. Read the full article at Hamptons.com (Link in Bio) #hamptons #community #local
  • Water Safety Day in Amagansett

This Saturday, head to the Amagansett Life-Saving and Coast Guard Station from 10am to 1pm for International Water Safety Day and learn about ways to stay safe in the water this summer. Each summer, lifeguards rescue swimmers daily out of the ocean in the Hamptons and many of these rescues can be prevented with a good general knowledge of how the ocean works. Read the full article at Hamptons.com (Link in Bio) #watersafety #hamptons #beach
  • Hope for Depression’s Race of Hope Virtual Event

Hope for Depression will be holding an interactive virtual race this Saturday, May 14th at 8:00 a.m. The event crew has captured all of the excitement and interaction that comes along with race day with their live broadcast. All donations and race registrations will fund depression research. Read the full article at Hamptons.com (Link in Bio) #hamptons #Depression #race #recreation
  • Hamptons Youth Performing Arts Performances

HYPA, The Hampton Youth Performing Arts, is producing a few weekends of performing arts and other related programs at the Southampton Cultural Center (25 Pond Rd, SH.) starting on Saturday May 15. This organization it is for youth ages 11-17 interested in learning and/or working on a performing art form and related activities, such as: comedy, acting , writing , music, dance, singing, photography, fashion, design, graphics, and video production. Read the full article at Hamptons.com (Link in Bio) #hamptons #arts #youth
  • Parrish Art Museum Hosts: “Two Forks and a Cork”

On Saturday, May 14 from 6–8 pm, the Parrish Art Museum Business Council is hosting Two Forks and a Cork—an evening of local wine and spirits tastings, hors d’oeuvres, live music, and gallery exploration in an ideal setting for socializing and networking. The event features a selection of white, rosé, and red wines from premiere East End vineyards, flavored moonshine and vodka from a local craft distillery, plus tastings from local artisanal cheese shops and bakeries, caterers, renowned chefs, and popular restaurants. Read the full article at Hamptons.com (Link in Bio) #hamptons #arts #dining
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