As we begin to prepare the Hamptons August 2021 Market Report, the weekly median number of days from list to contract signed officially returned to all time historic lows for the second week in a row.
Last week saw properties find contracts in a median 57 days compared to the previous week’s 56. Early signs pointed to a potential increase in days on market for fall 2021 and, while this is still possible, early signs of improvement to listing inventory going into summer 2021 fell flat as summer has progressed. As a result, buyer relevant new listings continue to find contracts in record numbers of days.
Last week only saw 14 new listings come on the market and while the days leading up to Labor Day can be sluggish for new listings while tenants and homeowners prepare to transition into the next season, the number of new listings over the course of the summer so far has not improved as much as industry professionals and buyers had been hoping to meet buyer demand.
Demand is still strong which can be exemplified by the fact that two weeks ago, eight properties priced below $1.5 million came on the market and, last week, nine went under contract. More inventory simply leads to more contracts at this particular moment in Hamptons real estate.
Much can change however, and September’s new listings to market compared to contract activity will help to determine what we can expect from pricing in Hamptons real estate this winter. How many listings will actually be new versus the reactivation of the plethora of listings currently active for sale, but unable to be shown, will be the key piece of data we are observing to provide the most context for the real estate market going into the Hamptons fall 2021 selling season.
Four properties over $10 million went into contract, including 1320 Meadow Lane in Southampton, which came on the market in June 2021 for $85,000,000. The offering went into contract in 78 days.
Two properties over $10 million were new to the market, including 70 Great Plains Road in Southampton, listed for $14,950,000.
Only three new properties came on the market priced under $1.5 million, while 9 went under contract, including 116 Wildwood Road in Sag Harbor, which found a contract 18 days after being listed for $899,000.
The highest over-list price closing, at 8.31% over the ask, was 546 Wainscott Northwest Road in East Hampton, which closed for $1,402,600 on August 25.
The listing that closed for the most under the list price was 93 David Whites Lane in Southampton, which closed for 10.29% off its $1,699,999 asking price for $1,525,000 on August 25.
For more about the Hamptons real estate market, please visit www.theHamptons.market/.
Adrianna Nava is a Hamptons real estate market and transaction expert, associate real estate broker with Compass and founder of Hamptons Market Data.