Since the start of November 2020, there have been an average of 18.5 new listings per week entering the Hamptons real estate market. The last four weeks have seen an average of 35.5 new listings to market. Twenty-three percent of last week’s new listings had been on the market within the last year and relisted after having gone off the market for at least 30 days.
Hamptons Market Data had not been monitoring back-on-market statistics, as no other week so far had enough relisted properties to raise any eyebrows. Perhaps sellers are getting as clear on their near-future plans as buyers have. Perhaps complicated situations, like holdover tenants and work from home scenarios, are finally beginning to resolve.
The number of contracts signed increased 29% week over week and have been on an upward trend since the beginning of April. New listings and contracts signed are both trending upward, signaling buyer demand is still strong. More new listings coming on the market has caused days to contract to plummet while prices continue to rise. Thirty-seven percent of properties that closed last week achieved their list price or more. Only 15% took a haircut of 10% or more off their list prices, showing some property owners are still choosing to price ambitiously.
The property at 1248 Springs Fireplace Road in East Hampton was listed with Susan Ratcliff of Brown Harris Stevens. Photo courtesy of Brown Harris Stevens.
The property at 1248 Springs Fireplace Road in East Hampton was asking $2.595M in May 2020. It reduced to $2.495M in August and to $2.195M in the beginning of November. It was then taken off the market at the end of November and went into contract in January without being relisted, closing 13.9% above the last asking price for an even $2.5M according to listing agent Susan Radcliff of Brown Harris Stevens. Sellers are doing better underpricing in this market than trying to reach.
Buyers still debating whether to rent/wait or buy may (or may not) have more options in the fall. Half of the listings went into contract last week did so within 57 days of being listed. Early signs show that as the market faces more new listings, prices are still increasing. To make the best decision, buyers could consider weighing how close to the top of their budgets they are versus how important it is to have everything on the wishlist. The fall may bring more options, but the cost to buy could likely be higher.
To view all the market stats, including which neighborhoods are adjusting, please visit Hamptons Market Data.