As the summer season officially kicks off, we asked top Hamptons agents what they are currently seeing in the market? How has the inventory been as of late, and what type of effect is that having on your business?
Jenny Landey
SOTHEBY’S INTERNATIONAL REALTY
BRIDGEHAMPTON
I’m seeing competitively priced listings in sought-after locations sparking bidding wars. Recently, a buyer I’m working with experienced this and luckily, we won the bid. Interestingly, I’ve noticed that having a dock is increasingly valued by buyers, even if they are not boaters; It has become quite the perk. Inventory remains healthy, with new listings coming on the market regularly. Turn-key properties with quality builds and thoughtful architecture continue to sell quickly.
Amelia Doggwiler
BROWN HARRIS STEVENS
SOUTHAMPTON
There is only so much land in the Hamptons, so through new construction and renovation, the luxury market has been expanding to more areas and neighborhoods than the traditional ‘estate areas’ of the past. The year-round population is also growing as many realize that the East End is not just a summer destination. I believe the rest of 2024 will experience a great demand to buy. The low inventory and the serious sellers are the best combination, as long as buyers understand that if you like it and it works for you, don’t wait. Buy it before it is gone.
Jack Richardson
SERHANT.
WATER MILL
As the summer season has kicked off we have experienced waves of highs and lows. With the 4th of July just passing, things traditionally slow into early August and then pick back up as we approach Labor Day into the fall. Inventory continues to remain low, with many sellers sitting at such low rates, their motivation to sell will more than likely hinge on the movement of interest rates into the fall and winter. With the options on the market being slim, promoting buyer urgency toward the properties they like is crucial, as it may be months if not years before they find something they desire to the same extent.
Ashley J. Farrell
THE CORCORAN GROUP
WESTHAMPTON BEACH
The current market is steady, which is especially noteworthy as we’re heading into an election season — a historically slow time. Prior to the start of the year, many people put their home search on hold, in anticipation of the Fed lowering interest rates. When rates remained, buyers reevaluated this strategy. Time waits for no one, and many decided not to allow unpredictable, outside factors to influence their life plans. Instead, home seekers are fully committed to the buying process — understanding you can refinance a rate over time but are rarely given a second opportunity to buy a home you once passed on. Further helping buyers has been the boost in inventory. However, due to the renewed demand, many homes come off the market as quickly as they come on – especially those with realistic pricing. If you see a property you like, my advice is to act quickly!
Thomas Cavallo
DOUGLAS ELLIMAN
SAG HARBOR
The Hamptons real estate market has shown some mixed trends in 2024. Inventory remains low, a persisting trend for the past two years, which has impacted transactions. Home prices for sale and rent, which surged during the pandemic, remain high despite a cyclical market. As the summer season kicks off, the market in the Hamptons remains robust and dynamic. We’re seeing a continued high demand for properties, particularly in the luxury segment, driven by both local buyers and those from urban areas looking for a summer retreat or a more permanent move. In terms of sales, my exclusive inventory is primarily comprised of high-end new construction homes. I’ve found that both a lack of quality and low inventory in the market have benefitted business, with most of my new construction inventory going into contract before Memorial Day Weekend. Regarding rentals, we saw an overwhelming amount of inventory for the 2024 season marketed at pandemic pricing, with new inventory being introduced to the market as late as June. Competitively pricing my rentals, as well as highlighting each home’s amenities, was what allowed me to lock in tenants for my rental inventory despite the competitive market. Overall, while the market shows signs of cautious optimism, broader economic conditions and interest rates will continue to be a heavy influence for the rest of the year.
Christian Reynolds
HEDGEROW EXCLUSIVE PROPERTIES
BRIDGEHAMPTON
Broadly speaking, we’ve seen inventory levels rise over the last 18 months from the historic lows seen in 2022. We are up roughly 12.5% since July 2023 and expect more inventory to enter the market as we approach Labor Day and the start of Q4, similar to last year. On balance, we view this positively as it will give buyers more options. Many missed the pandemic market and were left with limited choices, so they decided to wait. Now, our buyers are typically more familiar, educated, and specific in their needs compared to previous periods, which allows us to target products that are well-tailored to meet their requirements. Additionally, now that we’ve had a mostly stable interest rate environment for the last year or so, we have seen both buyers and sellers recalibrate, leading to greater price efficiency across our marketplace.
This article appeared in the July 19, 2024, edition of Behind The Hedges magazine. Read the full digital edition here. For previous Real Estate Roundtables, click here.
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