Christopher Covert
Phone
(917) 834-0635
Email
[email protected]
December 5, 2024
A warm hello from the Modlin Group Hamptons office.
As the year wraps up and we head into the holiday season, the Hamptons continues to be a sought-after destination, and our local real estate serves as a solid investment that shows enduring strength. With market trends driven by buyer preferences, interest rates, and inventory levels, here’s a brief overview of where things stand.
Extending well past the traditional end-of-season slowdown that coincides with Columbus Day Weekend, the third quarter has been busy with showings, owing to the outstanding weather that kept clientele coming east every weekend, with the beaches busy well into November.
In November 2024, the number of new exclusive listings decreased compared to October 2024 but remained similar to the levels seen in November 2023. Additionally, many properties are being offered quietly off-market, suggesting that the actual numbers might be higher than reported.
The number of real estate listings that went into contract experienced a significant decrease in November 2024 compared to October 2024. This decline may be attributed to factors such as typical election uncertainty, as well as the seasonal slowdown due to the approaching holidays. However, the market appears to be awakening with a November year-over-year increase in the number of listings going into contract. This uptick could be attributed to higher inventory levels, providing buyers with more options, as well as potential adjustments in pricing strategies or improved market confidence following economic stabilization. Sold and closed listings also slightly decreased from October 2024, likely due to similar reasons affecting contracted listings. Despite this, the numbers remain close to those of November 2023, indicating consistency.
In summary, the market appears to be solid, with fluctuations reflecting both seasonal trends and broader economic influences. Inventory remains tight, but new listings are coming to market daily, and when appropriately priced, going into contract quickly. I also think that buyers have begun to accept that interested rates are likely as low as they may go (no one knows when we might see sub-4% rates again), and they are now making offers. How long the current run of activity will go on this month is anyone’s guess, but we anticipate a robust market in the new year with what feels like a level playing field for both buyers and sellers alike.
We hope you’ll think of us as your real estate needs develop and, as always, we are happy to jump on a call to discuss the market in depth or answer any questions that you might have.
Happy Holidays,
Chris and the entire Hamptons Team
