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Hamptons.com
April 23, 2020

Prior To Coronavirus Real Estate Restrictions Hamptons Market Sees Strong Start To 2020

Nicole Barylskiby Nicole Barylski
in Real Estate
Home Real Estate

While the Hamptons market had a strong start to the first quarter of 2020, activity dramatically dropped in mid-March as a result of the Coronavirus.

“We saw a vigorous two-and-a-half months in the first quarter,” Todd Bourgard, Douglas Elliman Real Estate Agent, noted. “Fortunately, our scheduled closings were not affected by COVID-19 and our market activity surged in both seasonal and off-season rentals.”

The median sales price grew 16.5 percent to $990,000 – compared to the same period a year ago, the average sales price was up by 25.5 percent to $2,124,336, the number of sales increased by 15.5 percent to 343, and listing inventory was down by 19.9 percent to 1,929.

“Once the quarantine is over, it would seem that lower inventory and pent up demand from buyers may result in strong 3rd and 4th quarters,” Bourgard noted.

Sales volume increased in nine of 13 areas that Corcoran monitors – with the greatest growth in Southampton Village, which saw a whopping 428 percent increase due to a plethora of deals over $10 million.

“The first quarter was the strongest quarter in the past 18 months,” Ernie Cervi, Regional Senior Vice President, East End, Corcoran, noted. “We are seeing continued demand going into Q2, and the level of activity we have seen thus far in April can be the foundation for a substantial sale and rental market ahead.”

On the South Fork, the total number of sales was down 9.5 percent, compared to the first quarter of 2019 (249 sales in 2020 vs. 275 sales in 2019). However, as there was an uptick in the share of sales above $10 million, the total dollar volume increased 17.1 percent to $634,764,397. Sales in the $5M+ range, which accounted for just shy of 10 percent of all South Fork sales, was responsible for 48.4 percent of the total dollar volume.

“Prior to the state-wide shutdown of real estate activity in March due to COVID-19 concerns, the market was showing significant signs of strength, exhibited particularly in the sharp rise in the ultra high-end market above $10 million,” Robert Nelson, Executive Managing Director, Brown Harris Stevens Hamptons Region, said. “While the number of sales in the First Quarter of 2020 were down 9.5 percent compared to the previous year, overall dollar volume was up an impressive 17.1 percent.”

The surge in sales above $10 million led to an increase in average sales price, which was up 29.3 percent to $2,549,255, compared to the first quarter of 2019. The median price saw a minimal 0.4 percent decrease to $1,195,000.

The first quarter of 2020 saw 24 sales over $5 million, which was up from 22 in the first quarter of 2019. 13 of those sales were over $10 million, compared to only 4 in the first quarter of 2019.

“The number of ultra-luxury sales was unusual for this time of year, driven by an increasing number of people – many of them from NYC – looking to invest in this area as a safe haven,” Nelson added. “And, while we can’t predict the future, that trend is likely to bode well for a rebound in our region.”

“The world came to a grinding halt as of mid-March, but the fall out from that will not show up until the 2nd Quarter Home Sales Report, due to the nature of the time-frame from time of contract, to closing, and then recording,” Judi A. Desiderio, Town & Country Real Estate CEO, noted in the Town & Country Hamptons 1Q 2020 Home Sales Report. “I do, though, hypothesize that some of the lack of statistical data here is due to the closings of government offices ­— in this case, lawyers and title companies were unable to record closing documents as of mid-March in Suffolk County. If the closings are not recorded, then the data doesn’t show up on my report.”

Of the 12 markets Town & Country monitors, 11 saw a decline in the number of home sales – with Sag Harbor Village experiencing the biggest decline (46 percent). “Keeping in mind, the number of trades dropped from 13 to 7, year over year, thus the amount of closings are limited, which therefore yielded a deeper statistical change,” Desiderio explained.

“I will venture to say, the East End should, undoubtedly, experience heightened interest as we emerge from this life-altering event. Interest from people who wish to secure a safe haven for their families and the nostalgic experience of life and nature in full harmony,” Desiderio concluded.

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OFVS Car Wash Comp Crew Fundraiser

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STIRRING THE POT: FLORENCE FABRICANT & CHRISTINA TOSI AT GUILD HALL

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INTERVIEW: East Hampton Town Supervisor Peter Van Scoyoc On The Coronavirus And What’s Next

INTERVIEW: East Hampton Town Supervisor Peter Van Scoyoc On The Coronavirus And What's Next

  • @erneandace just celebrated their launch of pickleball active wear. The celebration took place at the East Hampton Clubhouse courts and included custom hat making with @theprettycharmingco as well as touch ups with @beiabeauty 

#pickleball #activewear #clubhouse
  • Check out the top Hamptons events this weekend!⁠
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🎬 Rivian’s Electric Drive-In⁠
🗓 Friday, August 8 | ⏰ 6–9:30PM⁠
📍 Rivian Hamptons Charging Outpost, Southampton⁠
Celebrate Rivian’s new Charging Outpost! Watch The Goonies from your vehicle, reserve a cozy seat, or chill in the back of an R1.⁠
📸 Courtesy of Rivian⁠
🔗 Link in bio⁠
⁠
📚 East Hampton Library’s Authors Night⁠
🗓 Saturday, August 9 | ⏰ 5–7:30PM⁠
📍 Herrick Park, East Hampton⁠
Books, authors & celeb sightings—don’t miss one of the most anticipated lit events of the summer!⁠
📸 Neil deGrasse Tyson | Photo by Craig Barritt/Getty Images for East Hampton Library⁠
🔗 Link in bio⁠
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🎶 St. Lucia at Solé East⁠
🗓 Saturday, August 9 | ⏰ 4–9PM⁠
📍 Solé East, Montauk⁠
Vibes, music, and end-of-summer feels. Let’s dance.⁠
🔗 Link in bio⁠
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🐶 Puppy Red Carpet Fashion Show⁠
🗓 Sunday, August 10 | ⏰ 2:30PM⁠
📍 Rosie’s, Amagansett⁠
Paw-sitively adorable runway moments + cocktails & bites.⁠
🔗 Link in bio⁠
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⛵️ Hamptons Challenge Regatta⁠
🗓 Saturday, August 9 | ⏰ 11AM–5PM⁠
📍 Noyack Road, Sag Harbor⁠
The biggest amateur sailing prize on the East Coast. Anchors aweigh!⁠
🔗 Link in bio⁠
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🍸 Cocktails to Save the Bays⁠
🗓 Friday, August 8 | ⏰ 6–8PM⁠
📍 Private Home, Southampton⁠
Sip & support Long Island’s waterways with Peconic Baykeeper.⁠
🔗 Link in bio⁠
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🍹 Attaboy Pop-Up at Sag Harbor Tavern⁠
🗓 Now thru Sunday, August 10 | ⏰ 5–9:30PM⁠
📍 Sag Harbor Tavern⁠
NYC’s iconic bar takes over the Hamptons—don’t miss it.⁠
📸 Courtesy of Attaboy⁠
🔗 Link in bio⁠
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🎥 Films on the Haywall: Life of Brian⁠
🗓 Friday, August 8 | ⏰ 9PM⁠
📍 Marders, Bridgehampton⁠
Free films, under the stars. Bring a blanket and picnic!⁠
🔗 Link in bio⁠
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🎨 Beau Rush’s Clay Class⁠
🗓 Tuesday, August 12 | ⏰ 11AM–12:30PM⁠
📍 Hero Beach Club, Montauk⁠
Get your hands dirty and learn clay techniques!
📸 Beau Rush | Photo by Christina Lilly⁠
🔗 Link in bio⁠
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🛍 28th Annual Hamptons Warehouse Sale⁠
🗓 Aug 12–24 | ⏰ 9AM–5:45PM⁠
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🔗 Link in bio

#hamptons #weekend #rivian #book #easthampton #hamptonsstyle
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Thankfully, Calissa is not a reincarnation or reinvention. The focus is on execution and quality, not ego and look-what-we-can-do. It’s a classic for a reason.⁠
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Read the full article at Hamptons.com (Link in Bio)⁠
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📸: BFA, Credit: Kevin Czopek⁠
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#luxuryluncheon #southampton #jillzarin #ticket2events #hamptons
  • On Tuesday, July 22nd, Olympic gold medalist Kerri Walsh Jennings hosted a charity Hampton Volley Tournament at Kirk Park Beach in Montauk. The tournament featured eight dynamic teams, uniting elite professional athletes, local lifeguards, and community members. Net proceeds from the tournament will go to the Hampton Lifeguard Association and P1440 Foundation, aiming to unite, empower, and inspire through the transformative sport of beach volleyball. ⁠
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Simultaneously, a VIP gifting suite and lounge at Hero Beach Club in Montauk kept the momentum going with music by Rachel Winters and Ana Boo. To mark the special occasion, guests were treated to Hammitt bags with Montauk Tattoo personalized leather bag tags. In true VIP fashion, drinks flowed all throughout the day, compliments of Tito’s, Saint Spritz, Avaline, and Montauk Brewing Company. ⁠
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Check out the complete gallery at Hamptons.com (Link in Bio)⁠
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📸: Photography by Daniel Rahal⁠
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@kerrileewalsh  @hamptonlifeguardassociation @p1440foundation⁠
@herobeachclub @hammittla @montauktattoo @titosvodka @saintspritz @drinkavaline @montaukbrewco⁠
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#kerriwalshjennings #volley #hamptons #montauk #lifeguards
  • Montauk has a new hospitality gem: Mary Lou’s Montauk. The high-energy, design-forward concept that blends coastal dining with a sense of playful excess. Mary Lou’s offers nightly dinner service, a full cocktail lounge and weekend music programming that blends nostalgic vibes with fresh energy.⁠
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After launching in Palm Beach, the team behind Mary Lou’s, Alex Melillo, Joe Cervasio, and Topher Grubb, are bringing the vibe north, teaming up with NDT Development to open a new outpost at 474 West Lake Drive.⁠
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Alex Melillo, co-founder of Mary Lou’s, shared about the origins of the concept, why Montauk was the next natural step and what guests can expect from this summer’s new venue.⁠
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Can you walk us through the journey of how the idea for Mary Lou’s came to life?⁠
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The idea for Mary Lou’s was born out of a genuine love for creating lasting memories and shared experiences. We’ve always admired the golden era of New York’s nightlife – when people went out to truly let go, to dance without restraint, and to enjoy the moment without ego. There was a certain magic back then, a raw energy that felt authentic and uninhibited.⁠
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Read the full article at Hamptons.com (Link in Bio)⁠
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#marylousmontauk #marylous #dining #montauk #hamptons
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