Market Reports

Q2 2022

The Hamptons

Market Report

 

As we move further into 2022, the slower momentum of sales tends to become the headline on the South Fork. We have to remember that we are being set up against a record-breaking market and we have returned to normalcy.

While the number of transactions fell 36% and sales volume dropped 33% when compared to Q2 2021, average price rose slightly by 4% to $3,297,180 while median price jumped nearly 10% to $1,850,000. However, when compared to Q1 2022, the number of transactions is up 22% and sales volume has increased 29%.

The Sag Harbor market realized the most notable surge in average price, increasing 49% to $3,959,853, which was led by a $29M sale in North Haven. East Hampton saw the largest increase in median price which jumped 36% to $2,447,500. The luxury end of the market saw 18 deals above $10M in Q2.

Negotiability in Q2 of 2022 continued to contract to an exceptionally tight 1.07%, compared to 3.35% in Q2 of 2021 and 2.86% in the first quarter of 2022. Looking back to 2019, negotiability in the second quarter was 9%. Nearly 20% of all sales sold above the asking price in Q2 2022.

Buyers continue to express interest in the East End and are anxious to see additional inventory come to market. We remain optimistic about opportunities this Fall.

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His comprehensive knowledge of the town and village codes and regulations, coupled with his ongoing study of market movement at both micro and macro levels enables him to provide the most detailed evaluation.

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