This time last year, new listings began gaining strength after agents, attorneys, inspectors, bankers, and sellers all had a moment to catch their breath and pivot.
Similarly, the first full week of April 2021 (April 5-11) began with a 121% increase in new listings week over week, from 14 to 31. The timing is perfect as contract activity declined once again by 35%, from 31 to only 20 new contracts signed, while the number of days from list to contract increased 49%, from 143 to 213 days. Supply has been strained.
East Hampton finally saw more new listings come to the market than went under contract since the fall of 2020, though Sag Harbor contract activity continues to outpace new listings to market. Southampton was even at six new listings and 6 signed contracts.
Almost all price points got some relief with more new listings coming on the market than went into contract, except the $1.5-2.999M price point which had only 10 new listings come on the market, but 12 went into contract.
Jennifer Wisner of Brown Harris Stevens recently listed 15 Seasons Lane in Southampton which went under contract on April 9th. It was last asking $2.195M.
“The buyers are two investors,” Wisner shared. “They plan on renting the home out and using it themselves when it’s unoccupied,” she continued. The home needs some renovation that Wisner explained many potential buyers couldn’t envision, but these buyers understood the investment value.
James Peyton of the Corcoran Group represented 7 Sulky Circle in East Hampton, a new construction project by Talo Builders, which also went into contract last week.
“We sold 7 and 12 Sulky Circle pre-construction,” said Peyton. “There has been an uptick in asking prices since January, but it’s looking like Wall Street and M&A will be going back to their offices in June. People are getting vaccinated and planning travel for next year. The cash offers of today will be gone tomorrow, or as soon as people have somewhere else to go,” Peyton said.
A market shift may be underway.