Overall, supply on the South Fork declined 1.8% from January to February 2021. The absorption rate and odds of selling also declined overall. Given contract activity continues at pace with all time highs, these declines indicate a continued decline in desirable listing inventory.
The first two weeks of February 2021 have already surpassed the entire month of February 2020 for the number of contracts signed, setting the Hamptons up for what could potentially be its biggest sales year of the century thus far.
In some price points and locations, new listings are making contract movement possible. In others, it either bolsters the fact that overpricing is prevalent or demonstrates that demand is lessening from where it was in fall of 2020.