Columnist

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.

The Hamptons has long been a creative haven for artists and a perfect location for summer art fairs.

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.