There may be another wave of opportunity for buyers to secure a Hamptons home. In typical Hamptons real estate market cycles, new listings will peak in March/April. New listings increased by 36% week over week, while contracts signed are now starting to hold relatively steady, after a slight increase, at an average 28 listings per week over the last four weeks; more than over the holidays, but less than late winter contract activity.
Though contract activity has declined from 2020’s frenzy, the number of contracts signed is still trending around 110% above the activity average of the previous 3 years. If the number of contracts signed continues to hold steady while new listings come on the market, buyers may have an increased opportunity to secure a Hamptons home, perhaps in time for July 4th weekend.
In addition to more listings to market, there may be opportunity to negotiate on some properties. Construction costs have increased and, as impactful on the market, it still takes a long time to get on service provider schedules. Properties that offer completed upgrades, as well as desirable amenities or settings, continue to achieve over asking contract prices. Others may be more negotiable than they were this winter.
Historically, when new listings peak high in the spring, the fall peak is low, relative to where the year starts off, and when new listings peak high in the fall, the previous spring spike was low. So far in 2021, the new listing spike is very low proportionate to where new listing activity has recently been. If history is any indicator, fall listings should be more plentiful. However, it could be that fall’s inventory trickles into the market as we progress into summer. Or it could be that recent new listing activity is seeing the most uptick that this year will bring. So far, like 2020, 2021 is showing unique market trends as the year unfolds.
To view complete Hamptons real estate market trends with stats, graphs and charts, please visit Hamptons Market Data.