The number of Hamptons real estate listings with price changes this August was the most we have seen all summer season, evidence of an adjusting marketplace.
The total supply increased for the fifth month in a row to 720 available listings for sale, putting this September’s listing supply only 3% short of September 2021’s 742 listings.
Though the number of sales declined 40% year-over-year to 48 sales in the month of August, and the number of contracts signed declined 46.3% year-over-year, month-over-month saw a 22.6% increase in the number of contracts signed for August 2022 compared to July 2022.
The median last asking price has been steadily increasing this summer while the median sold price has been more steeply decreasing. August 2022’s median sold price was $2,225,000, less than the $2,595,000 median last asking price.
After two months of a median zero percent discount on closed listings, August 2022 had a listing discount of 2.31% showing that negotiations are back on the table when coupled with the abundance of price reductions. However, the 111 median number of days on market for closed listings in the Hamptons has never been shorter pointing to a continued shortage of adequate inventory.
Four properties priced over $10 million closed in August 2022 compared to three in August of 2021. Water Mill had seven signed contracts in August 2022 compared to one in August 2021, a reflection of available supply. There were 20 new listings priced under $1.5 million and 18 went under contract. Bridgehampton had two new listings while seven found contracts. Fifteen new properties priced over $10 million were new to the market and seven over $10 million properties signed contracts.
The number of days from listing to signing a contract increased 14% month-over-month to 57 days and, though climbing, is still historically low. Far surpassing the 65 contracts signed, the number of new listings month-to-month has been declining since May 2022. There were 109 new listings in August 2022, a 21% decline from 138 new listings in August of 2021.
At $2,995,000, the median new list price remains historically high, but is 7.8% lower than August 2021’s $3,250,000.
Adrianna Nava is the Founder of Hamptons Market Data and a Licensed Real Estate Broker with Compass. To read past columns, click here.
