Christopher Covert
Phone
(917) 834-0635
Email
[email protected]
March 8, 2022
The total number of available listings for sale in the Hamptons real estate market declined 40.9% YoY for March 1, 2022, but increased 0.2% between February 1 and March 1, 2022. Listing supply has reached a plateau over the last three months, yet the median sold price continues to remain at all-time highs.
Increasing just over 19% (+19.49% year over year and +19.26% month over month) for the total market, the median sold price for February 2022 was $2,337,500 - higher than the monthly median sold price of each month in 2020 and the majority of those in 2021. Quarter 4 of 2021 saw the highest median sold prices in Hamptons history due to the proportionately large number of listings priced over $10 million finding deals and closing before the end of the fiscal year.
In February 2022, the 99 new listings for sale outpaced the 89 contracts signed for the first time since September 2021. But with only a 10 listing difference, it’s simply not enough to cause any immediate impact on pricing.
Despite the overall market trend, Amagansett, Sag Harbor, and Wainscott still saw fewer new listings than contracts signed, as hamlets, villages and neighborhoods that mimic their feel like Clearwater Beach in Springs, continue to be the strongest in demand.
Southampton's 2022 spending plan called for a 5.8% increase to meet rising demand for town services due to a nearly 22% population growth following the pandemic, according to Town Supervisor Jay Schneiderman.
Once-sleepy Hamptons wider awake now in winter, spring months
While mortgage rates do impact the Hamptons housing market, the effect is usually less severe and takes longer to make an impact. Cash or leveraging other assets are often an option.
Home prices could fall in these housing markets, says CoreLogic
"I think the number one indicator we all need to watch for March is Crude Oil. If prices hit and hold at $150 per barrel we can expect some significant changes to the broader markets. At $200 per barrel all bets are off. That may just place tangible assets such as real estate in a secure market like The Hamptons in an even stronger position - especially for a long hold. There simply is no more land to expand to, and the demand will always be there."
Investors are terrible at forecasting wars.
"Obviously, the initial stages of the pandemic drove tremendous volume in acquisitions, and they were emotion driven. As we’ve gotten used to the new world, buyers have shifted back to more pragmatic approaches to purchasing. But the peaks and valleys certainly have given sellers pause to offer their listings, and they seem to want to hold on to homes as a back-up plan for now. Demand has been following supply, however. That is, as we get more listings, more properties sell."
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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