The total number of Hamptons real estate listings available for sale increased for the fourth month in a row. However, August’s 8.7% improvement over July 2022 is still 11.6% short of August 2021.
Activity was down across the board in July of 2022 with 30.9% fewer closings year-over-year and 39.7% fewer contracts signed. There were more new listings than contracts signed in all Hamptons areas and price points. Bridgehampton and Wainscott saw no signed contracts in July of 2022.
The number of sold listings declined 1.5% month-over-month and 30.9% year-over-year. The median price of sold Hamptons homes decreased 7.3% July 2022 month-over-month, but was still 18.8% higher than July of 2021. The number of days from listing to close remained flat month-over-month and was still 9.5% faster than July of 2021.
For the second month in a row, the median listing discount was zero, but we began to see the return of some heavy discounts on properties that responded well to buyer feedback and had listed with lofty price ambitions. These properties were found in all areas and price points while all but one of the properties that sold for 5% or more than the listing price were priced below $2 million.
Though the number of contracts signed decreased 8.6% month-over-month and 39.7% year-over-year, the median last asking price increased 2% month-over-month and 10.9% year-over-year. The number of days from listing to going under contract increased 42.8% month-over-month, but decreased 50.5% year-over-year.
Though the total number of listings has increased marketwide, the number of new listings decreased 7% month-over-month and 8.5% year-over-year. The median listing price of $2.495 million is 2.8% higher than July of 2021, but 7.1% less than June 2022.
Adrianna Nava is the Founder of Hamptons Market Data and a Licensed Real Estate Broker with Compass. Read her past columns on Behind The Hedges.
