Though the real estate market took a serious hit during the first half of 2019, Judi Desiderio says the writing is not on the wall.
“Fortunately, the current activity is looking much better moving forward,” the chief executive officer of Town and Country Real Estate said, adding, “For home sales in the Hamptons, the first six months of 2019 were not so flattering.”
For all East End markets combined, the number of home sales dropped 17% from 878 in the first half of 2018 to 729 same period 2019, and the total home sales volume sank even more, with a 21% decline. Even the median home sales price dipped 6% — from $1.06 million to $995,000 year-to-year — and nearly every price category monitored by Town & Country experienced fewer home sales.
However, Montauk saw a 31% increase in number of home sales — from 32 to 42 — and a spike of over 43% in total home sales volume year over year. East Hampton Village keeps her crown for the highest median home sales price at $3.8 million, though it is a far cry from last year’s $6.9 million.
In the $2 million to $3.46 million range, Sag Harbor had a great first six months, where the number of sales shot up 200%, from 3 in 2018 to 9 in 2019, year-to-year. This pushed up the median home sales price 14%, from $1.25 million to $1.45 million.
The Sag Harbor area, which includes Noyac and North Haven, experienced the reverse: an 18% dip in median home sales price year over year, though total home sales volume rose nearly 7%.
Southampton Village experienced the greatest increase in median home sales price at nearly 77% — from $1.8 million in 2018 to nearly $3.2 million in 2019 — yet the number of home sales sank 40% overall.
“Shelter Island had a good first half of the year, with a whopping 65% increase in total home sales volume,” Desiderio said, “due to noteworthy home sales at the higher end of the spectrum.”
Westhampton, which includes Remsenburg, Westhampton Beach, East Quogue, Quogue, and Quiogue, saw a total home sales volume decline of over 20% and a 48% drop in home sales under $500,000 — not due to a lack of demand, but rather a lack of supply, “as substantiated by the 24% increase in the $500,000 to $999,000 range,” Desiderio said.
On the North Fork, the first six months of 2019 “looked somewhat dark,” she said.
“Looking at all North Fork markets combined and you see just which price ranges and criteria suffered the most,” she said. “It is noteworthy to mention, again, in most price ranges — particularly the lower end — the problem is a lack of inventory. The good news is the current market conditions seem to be increasing significantly.”
Mattituck, which includes Laurel and Cutchogue, realized declines in all three criteria monitored by Town & Country, though it was Jamesport — which includes Aquebogue, Baiting Hollow and South Jamesport — that seemed to have the greatest pull back in activity, with a whopping 28% fewer dollars changing hands. The total home sales volume sank from $23.3 million to $16.7 million, year over year.
Orient, which includes East Marion and Greenport, was the one bright spot, with subtle increases in all 3 criteria. Median home sales price rose nearly 4%, the total home sales volume stepped up nearly 3% and the number of home sales increased 5%.
Southold, which includes New Suffolk and Peconic, saw the greatest statistical drop in the number of home sales — 31% — from 58 sales in the first six months of 2018 to 40 in 2019.
For more information, visit townandcountryhamptons.com.