With the Season, a Change in the Hamptons Market

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Have you seen a market change since the unofficial end of summer? There has been a flurry of homes that have gone into contract as of late. Why do you think that is? And, what do you predict for the fall selling season ahead?

Judi Desiderio
TOWN & COUNTRY REAL
ESTATE EAST HAMPTON

“Tumbleweed Tuesday did not disappoint this year. The traffic problems have floated out to sea. Thankfully, the real estate business has not taken the same path. New listings started to hit the market in August and I would say they were priced more appropriately to the current market conditions and therefore people who have been sitting on the sidelines for the last year or so are deciding it’s time to pull the trigger. Keep in mind historically September and October are very good months for real estate deals on the eastern end of Long Island particularly the North Fork where harvest season is like summer on the South Fork. Here in the Hamptons, I expect this fall to be a breath of fresh air for East End brokers.”

George Wlodarczyk
HEDGEROW EXCLUSIVE PROPERTIES
BRIDGEHAMPTON

Last year, August saw seven properties close in the $5 million to $9.999 million segment, with four in the $10 million-plus segment. This August, there was a notable increase, with 16 properties closing in the $5M to $9.999M segment, while two closed in the $10M+ segment. In September of last year, the $5M to $9.999M segment held steady with 12 closings, and the $10M+ segment had just one closing. As of now, 47 properties are in contract within the $5M to $9.999M segment, with three already closed this month. In the $10M+ segment, 31 properties are in contract, and 3 have closed so far. These numbers indicate significantly higher transaction activity compared to last year’s September, suggesting a strong and promising fall season across both segments.

Jack Richardson
SERHANT.
WATER MILL

Yes, absolutely, I have seen a pickup since LD! My take on why the market has picked up and why I think we are in for a strong fall:
-Mortgage rates have dropped significantly
-Buyers and sellers are much more aligned on value and desire to transact
-Inventory, although, light is improved in quality from what we saw last year and the year prior
-Sellers are becoming more in line with what their expectation of home value is compared to what the actual market value is. Which is creating more appropriately priced homes!

Tim Davis
THE CORCORAN GROUP 
SOUTHAMPTON

The months after Labor Day up until year’s end are often a time for negotiating and finalizing real estate transactions. This year there has been some very good inventory brought to market, particularly in August which is a “let’s look” month, however, now is the time for committed buyers to close. I expect this trend to increase throughout the last quarter of 2024 and into 2025. The upcoming November elections – and the related uncertainty – have prompted a pause at some levels of the market. However, the serious buyers are taking advantage of the good buying opportunities now.

James (Averitt) Buttry
NOBLE BLACK & PARTNERS TEAM
DOUGLAS ELLIMAN
SOUTHAMPTON

Sales traditionally pick up after Labor Day, but the pace of things seemed to heat up early this year before Labor Day and it has continued. The lack of inventory remains a factor at all price points, and we didn’t see a major uptick in inventory after Labor Day like we have in the past. I think many buyers who’ve been patiently waiting on the sidelines for more options to come to market grew weary of waiting and decided to act. Recently, I’ve encountered several multiple-offer scenarios and owners accepting offers the week a listing launched, and that can create a cascade effect in some instances for buyers who miss out and then jump to another property. While the upcoming election, interest rates, and other factors are affecting certain housing markets in the country, the Hamptons market will remain busy through the fall.

Anthony Rosina
SOTHEBY’S INTERNATIONAL REALTY 
BRIDGEHAMPTON

The market seems to be experiencing a welcomed surge since Labor Day. While potential buyers often have the best of intentions to return here to the Hamptons after the summer season, life often gets in the way of their plans. So, it has been encouraging to see so many accepted offers this past month. One of my listings in East Hampton went into contract last week and another is set to close next month. We have long suspected that buyers have been waiting on the periphery and it seems that many are choosing now to make their purchase — perhaps as a result of improved financial markets and/or the anticipation of rate reductions. A presidential election cycle historically yields a slowdown in activity on the East End, but this year we have seen interest across all price points, including contracts being signed for properties in the $10 million to $20 million category. The future is difficult to predict without a crystal ball but, if consumer confidence remains stable and Wall Street responds in kind, we can hope to see continued and robust sales activity in the Hamptons into 2025.

This article appeared inside the Sept. 20, 2024 issue of Behind The Hedges inside Dan’s Papers. Read the full digital edition here.