Market Update: No More Discounts in Hamptons Real Estate

6 Spring Lane, Southampton
The property at 6 Spring Lane in Southampton closed 5.35% over the last asking price for $3.424 million on August 16th, 2021.
Courtesy of Hamptons Market Data, LLC

The second full week of August 2021 recorded the first weekly over-asking price listing “discount” since the start of the pandemic in the Hamptons. The median listing discount for sold listings last week was 0%, down from the previous week’s +1.17%. But a weekly listing discount of even 0% has only been recorded two other times, once in May and the other in June of 2021. Every other week has shown a median listing discount in the negative, or for a percentage off the last asking price.

Days to contract should start increasing soon as new listing inventory overall has begun an attempt to catch up with demand; however, last week recorded a median 56 days to contract, with three properties going into contract in 10 days or less. This statistic is still on the lower end of the number of days to contract that we’ve recently experienced, including during the peak of the COVID market – when more older inventory was available for sale than is today.

Three properties over $10M also went into contract, including 160 & 164 Trelawney Road in Bridgehampton, which originally came on the market in September 2019 for $32,700,000. The offering went into contract on August 17th with a last asking price of $11,500,000.

Three properties over $10M were new to the market, including 66 Surfside Avenue in Montauk, listed for $24 million. 

The highest over list price closing, at 5.35% over the ask, was 6 Spring Lane in Southampton, which closed for $3.424 million on August 16th. The listing that closed for the most under the list price was 80 Blackwatch Court in Southampton, which closed for 21% off its $2.495 million asking price for $1,970,000 on August 17th.

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Adrianna Nava is a Hamptons real estate market and transaction expert, associate real estate broker with Compass and founder of Hamptons Market Data