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Hamptons.com
October 22, 2020

Hamptons Real Estate Market Sees Unprecedented Growth

Nicole Barylskiby Nicole Barylski
in Real Estate
Home Real Estate

Just shy of 600 homes were sold in the Hamptons during the third quarter of 2020, as noted in the Corcoran Q3 2020 Hamptons/East End Sales Market Report. That was a whopping 38 percent increase compared to the third quarter of 2019.

“During the third quarter of 2020, the median sales price on the South Fork reached $1.2 million, the highest ever reported. In addition, the region experienced a substantial 88 percent increase in sales over $2 million,” Ernie Cervi, Regional Senior Vice President for the East End at The Corcoran Group, relayed. “There is intense demand in both the rental and sales markets, which has not abated with the start off fall. Home seekers are seeking privacy and space, and they are willing to pay the premium to get it. For rentals, we are seeing many early bookings for the summer 2021 season. People understand they need to act fast in order to secure their dream property. In this market, he who hesitates is lost.”

The priciest sale during the third quarter was East Hampton’s 38 Two Mile Hollow Road. It sold for $24 million.

On the East End, the Total Dollar Volume soared an unprecedented 101.5 percent to over $973M from $483M in the third quarter of 2019.

“For most of the first and second quarters of 2020, access to homes was extremely difficult due to COVID and the associated government restrictions,” Philip V. O’Connell, Brown Harris Stevens Managing Director of the Hamptons, shared. “The easing of restrictions at the end of Q2 had a dramatic impact on Q3 2020, and the market embraced a frenetic pace, resulting in a doubling of the dollar volume of Q3 2019. The end of Q3 2020 has settled into a strong market which we expect to continue throughout the year.”

According to Town & Country, Bridgehampton, which includes Water Mill and Sagaponack recorded a jaw-dropping $252M+ in home sales.

“The summer of 2020 will go down in the Hamptons real estate books! Looking at all Hamptons markets combined delineates the power of the market with the Total Home Sales Volume doubled to $971.5M from $481M and a 52 percent jump in the Number of Home Sales. The $5-$9.99M price category realized the greatest statistical increase of a huge 333 percent,” Judi A. Desiderio, Town & Country CEO, explained. “Four of the Hamptons markets monitored by Town & Country closed over twice as many homes this year compared with last: Southampton Village, Amagansett, Bridgehampton and Montauk. The spring was a rental feeding frenzy, which later segued into a hot sales market. This 3rd Quarter Home Sales Report reflects just the beginning of the ascent, due to the time it takes from O & A to contract signing to closing to recording — which is 60-90 days. The only report better than this one will be next quarter!”

The third quarter of 2020 resulted in the largest year over year growth in sales in nearly seven years.

“We have never seen a busier Hamptons market than the one we experienced this summer and that momentum had carried into the fall,” said Todd Bourgard, Douglas Elliman’s Senior Executive Regional Manager of Sales for The Hamptons. “New price records were set for the region in the third quarter and sales are continuing to surge, particularly as buyers are taking advantage of falling mortgage rates and realizing they can work from home.”

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INTERVIEW: VoteWear Co-Founder Melissa Berman On The Clothing Line With A Timely Mission

INTERVIEW: VoteWear Co-Founder Melissa Berman On The Clothing Line With A Timely Mission

  • The Hamptons have seen their fair share of collaborations and takeovers this summer. Still, nothing compares to The h.wood Group and Chase Sapphire Reserve’s transformation of Montauk hotspot Mary Lou’s into Delilah Montauk.⁠
⁠
The four-day takeover combined unforgettable dining experiences with show-stopping live entertainment featuring performances by Zack Bia, Alesso, Gwen Stefani, and DJ Pee.Wee (Anderson Paak). ⁠
⁠
Exclusively for Chase Sapphire Reserve cardholders, diners were treated to white glove hospitality and Delilah’s staples, including the famous chicken tenders and tuna tartare, and bold twists on Hamptons classics like lobster rolls, striped bass crudo, and crab and avocado toast. 

Check out more at Hamptons.com (Link in Bio)

#gwenstefani #alesso #djpeewee #chasesapphirereserve #delilahmontauk #montauk #hamptons
  • LVIS thrift shops are open Tuesdays through Saturdays 10 AM through 5 PM

donations are accepted Wednesday through Saturday 10 AM through 1 PM by appointment 

located at 95 Main St East Hampton
  • Check out the Top Hamptons Events This Weekend!⁠
⁠
🚗 The Bridge IX⁠
📅 Sat, Sept 13 | 2–7PM⁠
📍 The Bridge, Bridgehampton⁠
Over 300 rare automobiles showcased across stunning landscapes.⁠
⁠
🎬 23rd Annual Surf Movie Night⁠
📅 Fri, Sept 12 | 5:30–9PM⁠
📍 Southampton Arts Center⁠
Surfboard swap, live music & outdoor film screening. 🌊⁠
⁠
🍝 San Gennaro Feast of the Hamptons⁠
📅 Sat, Sept 13 – Sun, Sept 14 | 10AM⁠
📍 Hampton Bays⁠
Italian pastries, live entertainment & fireworks Sat @ 8:15PM 🎆⁠
⁠
🎭 In Process: Roderick George⁠
📅 Sat, Sept 13 | 7PM⁠
📍 Guild Hall, East Hampton⁠
A special in-process presentation of The Missing Fruit (Part I).⁠
⁠
🎤 Sheena Easton at WHBPAC⁠
📅 Sat, Sept 13 | 8PM⁠
📍 Westhampton Beach PAC⁠
Grammy-winning artist live on stage!⁠
⁠
☕ Cars & Coffee⁠
📅 Sun, Sept 14 | 9–11AM⁠
📍 Bridgehampton Museum⁠
Classic & exotic cars, food, drinks & live music.⁠
⁠
🛍 Hampton Vintage⁠
📅 Sun, Sept 14 | 10AM–5PM⁠
📍 Westhampton Beach Village Green⁠
Shop unique vintage finds!⁠
⁠
🎶 Hamptons Festival of Music Finale⁠
📅 Sun, Sept 14 | 4PM⁠
📍 St. Luke’s Church, East Hampton⁠
Featuring Cimarosa, Berlioz & Beethoven.⁠
⁠
🍷 Wine Dinner with Pradorey at R.AIRE⁠
📅 Tues, Sept 16 | 6:30PM⁠
📍 Hampton Bays⁠
Five-course tasting menu with exquisite wine pairings.⁠
⁠
🎥 Toy Story 30th Anniversary Screening⁠
📅 Sept 12–15 | Various Times⁠
📍 Southampton Playhouse⁠
Celebrate Woody & Buzz’s timeless adventure!⁠
⁠
Check out more events at Hamptons.com (Link in Bio)⁠
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#carshow #hamptons #sangennaro #sangennarofeast #winedinner #bridgeIX
  • The Animal Rescue Fund of the Hamptons (ARF Hamptons) hosted the Bow Wow Meow Ball in East Hampton. The evening’s honorees, Ellen and Chuck Scarborough, were presented with the Champion of Animals Award, recognizing their more than twenty-five years of support to ARF. ⁠
⁠
Over 400 guests celebrated ARF’s remarkable work with cocktails, followed by dinner catered by Olivier Cheng. Peter Marino, accompanied by his daughter and ARF Board Member Isabelle Trapnell Marino, presented the Scarboroughs with their award. ⁠
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📸: Patrick McMullan/PMC⁠
⁠
Check out the full gallery at Hamptons.com (Link in Bio)⁠
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#arf #bowwowmeowball #hamptons #animalrescuefund #animalrescue
  • Make sure to add this event to your list for next summer
#Seafood #localeats #mtk #montaukgreen
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