Columnist

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.

Move-in ready homes are continuing to draw the most attention and activity. Some are even being offered fully furnished, making them even more appealing to buyers looking to use or rent right away. 

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.

January 2021 registered a 40% increase in sales from January 2020. Thirty-nine properties went into contract last week, a level rivaling some weeks in summer and fall of 2020.

The data shows that the key to selling for Hamptons listings priced $10 million or more is negotiability.