Columnist

In this week’s Market Update, we look at new listing activity in the Hamptons.

Long ago, before quarantine times required us to live, work and learn in our homes, our first client meetings would begin with the most important question: What brings you joy?

With more people choosing to use their Hamptons home either full time or more often, the nature of participating in the Hamptons real estate market heading into summer 2021 is also evolving.

The Hamptons real estate market benefits from a set of economic circumstances that most of the country does not, which impacts the market in a unique way and is causing a shift in the nature of the market. 

This time last year, new listings began gaining strength after agents, attorneys, inspectors, bankers, and sellers all had a moment to catch their breath and pivot.

Statistically, the Hamptons market is cooling off from where it has been, but is still piping hot.

As the number of Hamptons home sales catches up to past contract activity, new listings to market and the number of listings with signed contracts continued their steep declines to start off the 2021 spring selling season.

So far, the average number of sold listings per week for 2021 has been about 24 properties. But don’t let that fool you. Demand is just as high as it was a few months ago.

The second week of March 2020 was the last statistically normal week before COVID-19 shutdowns took effect on Hamptons real estate, causing the number of new and in contract listings to plummet through the end of April 2020.  

Given the market’s seasonable nature and variety in rental rate depending on month and day of the week, it does help to think through market value by breaking down analysis into nightly rates.