Brown Harris Stevens Reports Second Quarter Numbers
The total number of South Fork sales dipped just over 12 percent, as compared to last year’s second quarter numbers — 478 from 545, according to Brown Harris Stevens — and the total dollar volume decreased about 6 percent, to $859.5 million.
The average sales price in the Hamptons continued to rise, up nearly 7 percent to almost $2.2 million, while the median price increased 4.5 percent to $1.15 million.
On the South Fork, 70 percent of sales were under $2 million. East Hampton Village and Water Mill had the highest number of sales over $5 million, with six in each area, and of the 34 sales over $5 million in the Hamptons, nine were above $10 million.
Sales over $5 million constituted 9.5 percent of the total number of sales, but they accounted for 32 percent of the total dollar volume. Wainscott experienced a 239.5-percent rise in total dollar volume — a result of an increased number of sales, with seven this year, as compared to last year’s three.
Although the number of sales on the North Fork decreased 9.7 percent to 121, the total dollar volume rose 3.1 percent to nearly $78.8 million.
The average price on the North Fork rose 14.2 percent to $651,067, while the median price remained constant at $450,000.
“Hamptons real estate shows strong sales prices with overall less volume. Hamptons total average sale price rose 6.9 percent and the median price increased 4.5 percent, while the actual number of transactions dipped 12.3 percent and total dollar volume of all sales was off 6.3 percent,” according to Robert M. Nelson, senior managing director of Brown Harris Stevens of the Hamptons.
“The strength of the high end of the market was evidenced by a significant number of sales late in the second quarter that have closed, but not yet recorded, bringing the total number of sales over $5 million to 53, with 15 sales over $10 million,” he continued. “Rentals continue to be a challenge as tenants opt for shorter time frames than in years past. On the North Fork, the total number of sales was off 9.7 percent, but total dollar volume rose 3.1 percent.”
Saks Fifth Avenue Hamptons Takeover
Saks is going all out this summer season with a lineup of local events to celebrate these sacred months of sunshine and Summer Fridays.
The retailer kicked off the season with a dinner party, hosted in partnership with Vogue and Priyanka Chopra, at Wölffer Estate Vineyard in Sagaponack, and continued with a summer soirée with goop CEO and founder Gwyneth Paltrow — at goop’s pop-up shop in Sag Harbor — and a Night in Brazil co-hosted by PatBo at The Surf Lodge in Montauk.
And that was just the beginning.
From Friday, August 3, to Sunday, August 5, Saks will host a pop-up at Barn Studio, located at 264 Butter Lane in Bridgehampton, and a Navy Beach Activation from Friday, August 17, through Sunday, August 19, at 16 Navy Road in Montauk.
For more information, visit saksfifthavenue.com.
Douglas Elliman Reports Weakness in Luxury Market
Despite the robust metrics this quarter, there is more weakness evident in the luxury market Long Island-wide, according to second quarter numbers from Douglas Elliman.
Pending sales fell sharply as closed sales rose to the highest second-quarter total in 13 years — the 21st consecutive quarter with a decline in median sales prices. Price trend indicators rose as inventory declined significantly, and luxury listing inventory rose as price trend indicators continued to slide.
In the Hamptons, fewer sales revealed a “soft middle” and there was a greater market share of sales both below $1 million and above $5 million. Median sales price declined 5.3 percent, year over year, to $975,000 for the first time in six quarters, and the number of sales declined 12.8 percent to 601, for the first time since 2016. The average sales price slipped .2 percent to just shy of $1.9 million.
The days on market was 148, down 1.3 percent, and the listing inventory fell 5.2 percent to 1,388. Listing discount was 9.5 percent, down from 12 percent.
On the North Fork, sales share shifted slightly above the $1 million threshold as the pace of the market slowed, and the number of sales fell more than listing inventory to 147, down 21 percent. Average sales price surged 23.1 percent to $893,984, and median sales price increased 8.9 percent, year over year, to $600,000, for the fifth consecutive quarter.
Douglas Elliman Starts New Chapter in Montauk
Last month, Douglas Elliman hosted a grand opening party at its newest location — 99 The Plaza in Montauk — a 2,300-square-foot space now home to the largest real estate office in the hamlet.
The new locale, which is nearly four times larger in area than the firm’s previous space at 752 Montauk Highway, can comfortably accommodate approximately 25 agents and will better suit the growing needs of the business, Carl Benincasa, vice president of sales for the Hamptons, said in a press release.
“Douglas Elliman continues to dominate Hamptons real estate, and with this latest office expansion we are building upon our growing success,” Benincasa said. “We are so excited to boost our presence in such a beautiful and important part of the East End community. And, as our new location is almost four times the size of our existing Montauk space, it will provide an even more inviting atmosphere for our agents, clients and the community.”
Other Elliman South Fork office sites include East Hampton, Sagaponack, Sag Harbor, Bridgehampton, Southampton, Hampton Bays, Quogue and Westhampton Beach. For more information, visit elliman.com.
Elliman Exchange Kicks Off with ‘The Importance of Giving Back’
The Elliman Exchange, a series of panel discussions with Douglas Elliman agents focusing on the issues facing the East End, kicked off last month with “The Importance of Giving Back.”
The inaugural panel at the Southampton Arts Center — which included Alexia Aitczak Boukoms, Michael Daly, Susan Hovdesven, Michaela Keszler, Robert Landsiedel and Ronald White — highlighted the importance of community involvement and volunteerism.
Stay tuned for a full schedule, and visit elliman.com for more information.