the covert report - can you feel it?

February 14, 2024

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Can you feel it?  Yeah, so what if it snowed this week, there is definitely a sense on the East End that spring really is not too far off.  In fact, we are closer to the March equinox now than we are to this past December 21st, and the days are noticeably longer.  But beyond that what has really changed out here is the market.  It is totally on.

After a very slow 2023, the last six weeks have shown a robust turnaround and deals are happening at a very fast clip in both the sale and rental markets.   


On the sale side I think there is a new consumer confidence that a soft landing is attainable, and despite nagging inflation concerns, Buyers are coming off the sidelines.  With inventory still very tight, upward pressure on pricing is holding, and I actually expect prices to climb as interest rates begin to fall further. 

On the rental side, the market is moving whipsaw fast and summer rentals are flying off the shelves.  I think there are two factors at play here.  One, Buyers who have been unsuccessful through the winter market are now making the pivot to secure a summer rental while they can so they at the least have coverage for the season; and two, it seems anecdotally as if nobody is going to Europe.  Last year seemed to be a bit of a bust for people - too hot, too crowded, too literally on fire.  And with multiple conflicts overseas, staying closer to home might just make sense. 


So with that all said, if acquiring a home in the Hamptons is on your radar, it’s time to pay attention.  As always, feel free to call to dig in a little deeper on data, inventory, and trends.