The new tax code, as well as the strength of the stock market in the past few months, have resulted in good news for the Hamptons real estate market, with one of the best first quarters in years. The first of the real estate market reports for 2018 has arrived, from Town & Country.
Compared to the same quarter in 2017, in the first quarter of 2018, there was a 20% jump in number of sales and a 31.5% leap in sales volume. On the high end, there was 300% more home sales over $20 million.
As far as individual areas, the standout this quarter is East Hampton Village, with 100% more sales compared to same quarter in 2017, a 375% rocket in total sales volume, and 154% improvement in median sales price. The sweet spot here was the $5 million to $10 million market.
The other standout was Bridgehampton, which includes Water Mill and Sagaponack. The sales of Villa Maria and 719 Ocean Road, Bridgehampton, (almost $23 million) of course helped this market. There was a 64% increase in number of sales in this market as well as a 96% increase in volume. The Bridgehampton area also logged 2 of the 4 sales over $20 million in the Hamptons in the first quarter.
Hampton Bays also did well, with a 65% increase in total sales and a 33% increase in volume.
Other areas were slightly more lackluster, but as Town & Country points out, in a much smaller market just a couple fewer sales in a quarter can mean a big drop. Montauk, for example, had a 15% drop in number of sales (from 13 to 11), yet a 3.62% increase in total volume.
Onward to an exciting summer, folks!