Brown Harris Stevens Residential Real Estate Market Report: 1st Half of Year 2022

Residential Market Reports Noel D. Mason Licensed Real Estate Salesperson Brown Harris Stevens of the Hamptons LLC Cell: 631.525.3649

BHSID 891351

THE

Craft OF Research

Hamptons

FIRST HALF + SECOND QUARTER 2022

FIRST HALF + SECOND QUARTER 2022

Hamptons + North Fork Market Report 3

Message from our Executive Managing Director

First Half 2022 - Hamptons

4

5

Number of Sales: 10-year comparison Total Dollar Volume: 10-year comparison

5 Average and Median Prices: 10-year comparison 6

Dollar Volume by Area + Number of Sales by Area

7

Percentage of Sales by Price: East and West of the Shinnecock Canal

8

Number of South Fork Sales by Price

Town/Hamlet Summaries (Average and Median Prices, Number of Sales, Price Categories) 9

East of the Shinnecock Canal

12

West of the Shinnecock Canal

Second

14

Quarter 2022 - Hamptons

Number of Sales

14 Average and Median Prices 15

Total Dollar Volume

16 Number of Sales by Area 17 Percentage of Sales by Price: East and West of the Shinnecock Canal 18

Number of South Fork Sales by Price

Second

Quarter 2022 - North Fork

20

Number of Sales + Average and Median Prices

21

Percentage of Sales by Price + Total Dollar Volume

22

Town/Hamlet Summaries (Average and Median Prices, Number of Sales, Price Categories)

2

FIRST HALF + SECOND QUARTER 2022

Hamptons Market Report

BHSID 892093

We are pleased to present our First Half 2022 and Second Quarter 2022 Hamptons and North Fork Market Reports.

After an incredibly strong 2021, it was inevitable that activity would return to more normal levels. But despite a recent slowdown in the number of sales, the accompanying reports demonstrate the long-term strength of the Hamptons real estate market, with every one of the major indices (the total number of sales, total dollar volume and average and median prices) still recording higher figures than pre-pandemic market conditions.

Overall, in the First Half of 2022 the number of transactions in the Hamptons declined 26.3%, but after the 1,269 sales in 1H21, the 1H22 total of 935 closings is the second highest number of First Half sales since 2015. Total Dollar Volume was 18.6% lower compared to 1H21, but at $2.68 Billion is the second highest First Half number recorded to date. This amount was largely impacted by an 18.4% increase in sales over $10M (the only price category to experience a rise in sales). The 45 sales over $10M in the First Half of 2022 represented only 4.8% of the total number of sales but accounted for 29.4% of the Total Dollar Volume.

Nearly every town and hamlet in the Hamptons experienced increases in both the average and median sales prices. The overall average price in 1H22 of $3,056,950 marked a 10.4% rise over 1H21 and is the highest First Half average price to date.

Similarly, the overall median price increased 7.9% to $1,700,000 and is the highest First Half median price ever recorded for the region.

While we are finally seeing more listings come to market and inventory levels are starting to rise, it is a slow process, as well-priced properties continue to sell faster than was typical in pre-pandemic years. Some are quick to say that we are transitioning from a seller’s market to a buyer’s market, but that is not an accurate assessment of the current conditions.

You might say that we are in a buyer’s and seller’s market – a growing pool of available homes means more choices for buyers, and the continued strong demand allows sellers with properly-priced homes to achieve relatively quick sales at prices that are at historically high averages. As the following reports show, despite periodic fluctuations in sales activity, the longterm strength and resilience of the Hamptons real estate market is abundantly clear.

Robert Nelson Executive Managing Director Brown Harris Stevens of the Hamptons, LLC

3

FIRST HALF 2022

Hamptons Market Report 935 Closed Sales

Fewer Sales at Higher Prices An ongoing lack of inventory led to fewer sales in 1H22, but continued demand from buyers led to significant gains in the average and median prices.

1H22

The total number of sales declined by 26.3% in the First Half of 2022, with 935 sales compared to 1,269 during the same period in 2021.

The average sales price rose 10.4% during this time, achieving an historic First Half high of $3,056,950. As a result, the Total Dollar Volume for 1H22 declined only 18.6% from 1H21.

18.6%

780 New Listings

10.4%

Dollar Volume 1H22 vs. 1H21

26.3%

Average Sold Price 1H22 vs. 1H21

Number of Sales 1H22 vs. 1H21

Total Number of Sales The total number of sales during the First Half of 2022 totaled 935, a 26.3% decline from the 1,269 of 1H21, but is the second highest number of First Half sales since 2015.

1,400

1,269 1,200

1,000

969

965 908

800

898

935

890

845 772

755

600

400

200

0

1H13

1H14

1H15

1H16

1H17

1H18

1H19

1H20

1H21

1H22

Data for this report is sourced from The Real Estate Report Inc. and references single-family residential real estate transactions. Based upon data available as of July 22, 2022. 2Q22 and 1H22 data is preliminary and subject to revision in future reports.

4

FIRST HALF 2022

Hamptons Market Report Total Dollar Volume While fewer sales contributed to an 18.6% decline in the Total Dollar Volume compared to 1H21, the 1H22 total of $2.86 Billion is the second highest amount on record and is 43.8% above the third highest figure, from 1H20. $4.0B

$3.51B

$3.5B

$2.86B

$3.0B

$2.5B

$1.0B

$1.99B $1.48B

1H17

$1.82B

$1.69B

1H16

$1.19B

$1.5B

$1.64B

$1.69B

$1.78B

$2.0B

$0.5B

$0.0B

1H13

1H14

1H15

1H18

1H19

1H20

1H21

1H22

Average and Median Sales Prices Continue to Climb The average sales price in the Hamptons averaged $3,056,950 during 1H22, an increase of 10.4% from 1H21, and an all-time First Half record. The median price - which measures the middle of the market - rose 7.9% to $1,700,000 - also a record high.

$2.77M 993K

$1M

$1M

978K

975K

950K

$1.0M

863K

$1.5M

$2M

$1.14M

$1.58M

$1.92M

$2.05M

$1.88M

$1.81M

$1.57M

$1.75M

$1.86M

$2.5M

$2.35M

$3.0M

$2.0M

$3.06M

$3.5M

500K

0K

1H13

1H14

1H15

1H16

1H17 Average Price

1H18 Median Price

1H19

1H20

1H21

1H22

5

FIRST HALF 2022

Hamptons Market Report Dollar Volume by Area The Southampton Area - which includes Southampton, Southampton Village and Water Mill - accounted for 26.9% of the total dollar volume, with $762 Million in total sales. While the Sag Harbor and the Amagansett/Montauk Areas had nearly the same Total Dollar Volume, the Sag Harbor Area had more than twice as many transactions (152 vs. 71) - a clear indicator of the difference in the average sales prices of these areas.

Amagansett/Montauk

$379M

Bridgehampton Area

$329M

East Hampton Area

$624M

Sag Harbor Area

$371M

Southampton Area

$762M

Westhampton Area

$395M 0K

$100M

$200M

$300M

$400M

$500M

$600M

$700M

$800M

Number of Sales by Area

14.6%

7.8%

152 Sales

71 Sales

25.3%

5.6%

230 Sales

51 Sales

21.6%

27.1%

196 Sales

260 Sales

6

FIRST HALF 2022

Hamptons Market Report Percentage of Sales by Price Hamptons East of the Shinnecock Canal The single largest category of sales in the eastern part of the Hamptons was the $1 Million to $2 Million range, with 220 sales in 1H22, accounting for 32.3% of all transactions. Nearly half of all sales (49%) were under $2M.

East 6.2%

0 to 500K

10 Sales

1.5%

>500K-1M

104 Sales

15.3%

>1M-2M

220 Sales

32.3%

>2M-3M

126 Sales

18.5%

>3M-5M

108 Sales

15.9%

>5M-10M

71 Sales

10.4%

>10M

42 Sales

6.2%

1.5%

15.3%

10.4%

15.9%

32.3% 18.5%

Hamptons West of the Shinnecock Canal With a higher availability of more moderately priced houses, the Hamptons west of the Shinnecock Canal saw the majority of sales under $1 Million, with 48.4% of all sales in the $500K to $1M category. The next largest range, between $1 and $2 Million, accounted for 28.3% of all closings west of the Canal. Overall, 85% of sales in this area were under $2 Million.

West 3.1% 1.2%

0 to 500K

21 Sales

8.3%

>500K-1M

123 Sales

48.4%

>1M-2M

72 Sales

28.3%

2M-3M

14 Sales

5.5%

>3M-5M

13 Sales

5.1%

>5M-10M

8 Sales

3.1%

>10M

3 Sales

1.2%

8.3%

5.1% 5.5%

28.3% 48.4%

7

FIRST HALF 2022

Hamptons Market Report South Fork Sales by Price: 1H22 vs. 1H21 Looking at the entire Hamptons area, east and west of the Shinnecock Canal, all price range categories experienced decreases in 1H22 except for the highest end of the market. Sales above $10 Million increased by 18.4% compared to the First Half of 2021. These 45 sales above $10M represented only 4.8% of the total number of sales during the First Half of 2022, but accounted for 29.4% of the Total Dollar Volume.

407

450

400

322

350

1H21

292

300

1H22

202

227

250

140

154

200

121

150

31

38

50

45

55

79

91

100

0

0 to 500K

-43.6%

>500K-1M

-29.5%

>1M- 2M

-28.3%

>2M-3M

-30.7%

>3M-5M

-21.4%

>5M - 10M

-13.2%

>10M

+18.4%

8

FIRST HALF 2022

Hamptons Single-Family Homes - East of the Shinnecock Canal

Amagansett Median Price

Average Price

Sales

0 to 500K >500K -1M

>1M-2M

>2M-3M

>3M-5M

>5M-10M

>10M

1H20

$2,287,500

$4,088,231

26

0

0

10

6

4

4

2

1H21

$2,772,500

$3,766,571

42

0

3

10

12

10

5

2

1H22

$4,735,000

$8,073,314

33

0

4

1

4

10

7

7

Median Price

Average Price

Sales

>1M-2M

>2M-3M

>3M-5M

>5M-10M

>10M

1H20

$3,067,500

$4,337,323

34

0

3

10

4

10

4

3

1H21

$3,800,000

$5,022,181

65

0

5

10

11

16

18

5

1H22

$3,650,000

$4,965,020

40

0

2

6

9

7

11

5

Median Price

Average Price

Sales

>1M-2M

>2M-3M

>3M-5M

>5M-10M

>10M

1H20

$968,500

$1,340,985

165

8

81

51

14

8

3

0

1H21

$1,395,000

$1,705,455

249

5

67

109

48

18

1

1

1H22

$1,676,000

$2,018,201

199

5

35

79

51

24

4

1

Median Price

Average Price

Sales

>1M-2M

>2M-3M

>3M-5M

>5M-10M

>10M

1H20

$4,412,500

$7,411,459

24

0

1

3

4

6

6

4

1H21

$3,850,000

$7,920,071

51

0

2

10

7

18

9

5

1H22

$4,925,000

$9,605,981

20

0

0

2

5

3

7

3

Median Price

Average Price

Sales

>1M-2M

>2M-3M

>3M-5M

>5M-10M

>10M

1H20

$1,185,000

$1,639,310

31

2

10

14

1

3

1

0

1H21

$1,525,000

$2,268,811

49

0

7

26

9

4

2

1

1H22

$2,100,000

$2,952,737

38

0

2

16

8

7

5

0

Bridgehampton 0 to 500K >500K -1M

East Hampton 0 to 500K >500K -1M

East Hampton Village 0 to 500K >500K -1M

Montauk 0 to 500K >500K -1M

9

FIRST HALF 2022

Hamptons Single-Family Homes - East of the Shinnecock Canal

North Haven Median Price

Average Price

Sales

0 to 500K >500K -1M

>1M-2M

>2M-3M

>3M-5M

>5M-10M

>10M

1H20

$2,625,000

$4,302,756

16

0

1

5

3

2

3

2

1H21

$2,400,000

$3,660,494

17

1

1

3

6

2

3

1

1H22

$4,090,000

$6,223,947

19

0

2

5

1

4

4

3

Median Price

Average Price

Sales

>1M-2M

>2M-3M

>3M-5M

>5M-10M

>10M

1H20

$1,220,000

$1,572,802

52

1

17

22

8

2

2

0

1H21

$1,300,000

$1,744,533

67

0

25

26

7

7

2

0

1H22

$1,350,000

$1,873,843

53

1

14

27

4

4

3

0

Median Price

Average Price

Sales

>1M-2M

>2M-3M

>3M-5M

>5M-10M

>10M

1H20

$1,837,500

$2,108,581

22

0

5

7

5

5

0

0

1H21

$2,400,000

$2,653,804

62

0

2

24

18

14

4

0

1H22

$1,975,000

$3,085,058

43

0

2

21

8

7

2

3

Median Price

Average Price

Sales

>1M-2M

>2M-3M

>3M-5M

>5M-10M

>10M

1H20

$4,575,000

$7,076,461

8

0

0

2

0

3

0

3

1H21

$4,500,000

$6,811,739

23

0

0

2

3

9

3

6

1H22

$5,000,000

$11,820,000

11

0

1

0

2

3

3

2

Median Price

Average Price

Sales

>1M-2M

>2M-3M

>3M-5M

>5M-10M

>10M

1H20

$880,000

$1,527,931

29

1

17

5

4

1

0

1

1H21

$1,347,500

$1,773,612

38

0

12

16

5

4

1

0

1H22

$1,437,500

$1,739,667

12

1

4

5

0

2

0

0

Sag Harbor 0 to 500K >500K -1M

Sag Harbor Village 0 to 500K >500K -1M

Sagaponack 0 to 500K >500K -1M

Shelter Island 0 to 500K >500K -1M

10

FIRST HALF 2022

Hamptons Single-Family Homes - East of the Shinnecock Canal

Southampton Median Price

Average Price

Sales

0 to 500K >500K -1M

>1M-2M

>2M-3M

>3M-5M

>5M-10M

>10M

1H20

$970,000

$1,272,577

92

8

43

21

16

4

0

0

1H21

$1,162,500

$1,612,770

130

4

50

46

17

10

3

0

1H22

$1,575,000

$2,164,618

101

2

28

38

18

10

3

2

Median Price

Average Price

Sales

>1M-2M

>2M-3M

>3M-5M

>5M-10M

>10M

1H20

$3,262,500

$10,440,017

36

2

1

5

9

5

3

11

1H21

$2,960,000

$5,817,850

71

2

7

14

13

15

10

10

1H22

$4,887,500

$6,221,481

56

0

3

8

7

12

15

11

Median Price

Average Price

Sales

>1M-2M

>2M-3M

>3M-5M

>5M-10M

>10M

1H20

$1,712,500

$2,567,394

20

0

5

6

3

5

0

1

1H21

$2,772,250

$7,177,719

28

0

2

7

11

1

4

3

1H22

$2,495,000

$2,710,227

11

0

0

4

4

3

0

0

Median Price

Average Price

Sales

>1M-2M

>2M-3M

>3M-5M

>5M-10M

>10M

1H20

$2,392,500

$3,541,684

34

0

3

10

6

7

7

1

1H21

$3,852,500

$4,779,608

60

0

1

12

10

14

20

3

1H22

$3,250,000

$4,993,228

39

1

2

7

5

12

7

5

Southampton Village 0 to 500K >500K -1M

Wainscott 0 to 500K >500K -1M

Water Mill 0 to 500K >500K -1M

11

FIRST HALF 2022

Hamptons Single-Family Homes - West of the Shinnecock Canal

Eastport Median Price

Average Price

Sales

0 to 500K >500K -1M

>1M-2M

>2M-3M

>3M-5M

>5M-10M

>10M

1H20

$779,000

$779,000

2

0

1

1

0

0

0

0

1H21

$628,500

$771,729

8

2

4

2

0

0

0

0

1H22

$790,000

$778,875

8

1

5

2

0

0

0

0

Median Price

Average Price

Sales

>1M-2M

>2M-3M

>3M-5M

>5M-10M

>10M

1H20

$600,000

$923,073

39

13

20

4

0

1

1

0

1H21

$845,000

$1,019,033

55

6

29

16

4

0

0

0

1H22

$913,500

$1,167,350

44

1

23

18

1

1

0

0

Median Price

Average Price

Sales

>1M-2M

>2M-3M

>3M-5M

>5M-10M

>10M

1H20

$575,000

$655,405

99

37

52

9

1

0

0

0

1H21

$683,500

$792,080

114

27

64

22

1

0

0

0

1H22

$775,000

$864,665

116

12

78

23

3

0

0

0

Median Price

Average Price

Sales

>1M-2M

>2M-3M

>3M-5M

>5M-10M

>10M

1H20

$1,228,250

$1,506,858

8

0

3

2

3

0

0

0

1H21

$1,535,000

$1,843,182

11

1

4

3

1

1

1

0

1H22

$1,800,000

$3,223,643

7

0

2

2

0

1

2

0

Median Price

Average Price

Sales

>1M-2M

>2M-3M

>3M-5M

>5M-10M

>10M

1H20

$2,000,007

$3,447,615

25

0

6

6

5

5

1

2

1H21

$1,625,000

$2,293,266

32

0

6

14

5

5

1

1

1H22

$2,950,000

$5,300,769

13

0

0

6

1

1

3

2

East Quogue 0 to 500K >500K -1M

Hampton Bays 0 to 500K >500K -1M

Quiogue 0 to 500K >500K -1M

Quogue 0 to 500K >500K -1M

12

FIRST HALF 2022

Hamptons Single-Family Homes - West of the Shinnecock Canal

Remsenburg Median Price

Average Price

Sales

0 to 500K >500K -1M

>1M-2M

>2M-3M

>3M-5M

>5M-10M

>10M

1H20

$958,500

$1,101,445

16

1

10

4

0

1

0

0

1H21

$1,310,000

$1,465,748

24

1

8

11

3

0

1

0

1H22

$1,527,000

$1,620,843

19

1

6

9

1

2

0

0

Median Price

Average Price

Sales

>1M-2M

>2M-3M

>3M-5M

>5M-10M

>10M

1H20

$510,000

$577,429

7

3

4

0

0

0

0

0

1H21

$325,000

$388,748

5

4

1

0

0

0

0

0

1H22

$660,000

$571,667

6

2

4

0

0

0

0

0

Median Price

Average Price

Sales

>1M-2M

>2M-3M

>3M-5M

>5M-10M

>10M

1H20

$908,000

$938,974

23

4

12

7

0

0

0

0

1H21

$999,000

$1,120,468

27

2

12

11

2

0

0

0

1H22

$1,315,000

$1,476,714

21

4

5

9

1

1

1

0

Median Price

Average Price

Sales

>1M-2M

>2M-3M

>3M-5M

>5M-10M

>10M

1H20

$1,437,500

$1,775,318

32

0

8

15

3

6

0

0

1H21

$1,800,000

$2,345,815

35

0

10

10

8

4

3

0

1H22

$2,500,000

$3,077,579

19

0

4

3

5

5

1

1

Median Price

Average Price

Sales

>1M-2M

>2M-3M

>3M-5M

>5M-10M

>10M

1H20

$3,600,000

$4,132,720

5

0

0

0

1

2

2

0

1H21

$2,350,000

$2,395,833

6

0

0

3

1

2

0

0

1H22

$2,400,000

$3,071,429

7

0

1

1

2

2

1

0

Speonk 0 to 500K >500K -1M

Westhampton 0 to 500K >500K -1M

Westhampton Beach 0 to 500K >500K -1M

Westhampton Dunes 0 to 500K >500K -1M

13

SECOND QUARTER 2022

Hamptons Market Report 600

Second Quarter Slowdown

514

Higher mortgage rates, increased home prices and continued low inventory have all impacted the slower pace of sales in the Hamptons during the Second Quarter of 2022.

500 424 400

367

357 317

The total number of sales declined by 38.3% in 2Q22, with 317 sales compared to 514 during the same period in 2021. As a result, the Total Dollar Volume for 2Q22 declined 35.5% from 2Q21.

300

200

Despite the decline in the number of sales, the average sales price increased 4.7% during this time, achieving a Second Quarter high of $3,354,166.

100

-

2Q18

2Q19

2Q20

2Q21

2Q22

Total Number of Sales

35.5%

4.7%

Dollar Volume 2Q22 vs. 2Q21

38.3%

Average Sold Price 2Q22 vs. 2Q21

Number of Sales 2Q22 vs. 2Q21

Average and Median Sales Prices Continue to Climb The average sales price in the Hamptons averaged $3,354,166 during 2Q22, an increase of 4.7% from 2Q21.

The median price - which measures the middle of the market - rose 6.3% to $1,850,000. Both figures represent $4,000,000 the highest Second Quarter number to date.

$500,000 $0

2Q19

2Q20

Average Price

2Q21

$1,850,000

$2,352,558

$2,047,670

2Q18

$1,275,000

$1,000,000

$1,015,000

$1,500,000

$1,162,500

$2,000,000

$2,145,280

$2,500,000

$1,740,000

$3,204,987

$3,000,000

$3,354,166

$3,500,000

2Q22

Median Price

Data for this report is sourced from The Real Estate Report Inc. and references single-family residential real estate transactions. Based upon data available as of July 22, 2022. 2Q22 data is preliminary and subject to revision in future reports.

14

SECOND QUARTER 2022

Hamptons Market Report Total Dollar Volume While fewer sales contributed to a 35.5% decline in the Total Dollar Volume compared to 2Q21, it should be remembered that 2Q21 experienced an unprecedented 96.1% increase from 2Q20. The 2Q22 total of $1.06 Billion is the second highest total to date for Second Quarter Total Dollar Volume.

$1.65B

$1.75B

$1.50B

$1.25B

$500M

$1.06B

$840M

$751M

$750M

$910M

$1.00B

$250M

0.00K

2Q18

2Q19

2Q20

2Q21

2Q22

2Q22 Dollar Volume by Area The Southampton Area - which includes Southampton, Southampton Village and Water Mill - accounted for 31.6% of the total dollar volume, 24.2% of all sales.

Amagansett/Montauk

$136M

Bridgehampton Area

$123M

East Hampton Area

$205M

Sag Harbor Area

$129M

Southampton Area

$333M

Westhampton Area

$138M 0K

$50M

$100M

$150M

$200M

$250M

$300M

$350M

15

SECOND QUARTER 2022

Hamptons Market Report Number of Sales by Area Amagansett/Montauk - 26 Sales

East Hampton Area - 76 Sales Includes East Hampton, East Hampton Village and Wainscott Bridgehampton Area - 17 Sales Includes Bridgehampton and Sagaponack Sag Harbor Area - 35 Sales Includes Sag Harbor, Sag Harbor Village, North Haven, Noyac and Shelter Island Southampton Area- 75 Sales Includes Southampton, Southampton Village, North Sea, and Water Mill Westhampton Area- 88 Sales Includes East Quogue, Eastport, Hampton Bays, Quiogue, Quogue Village, Remsenburg, Speonk, Westhampton, Westhampton Beach, Westhampton Beach Village, and Westhampton Dunes

10%

8.4% 24.5%

5.5% 24.2% 27.4%

16

SECOND QUARTER 2022

Hamptons Market Report Percentage of Sales by Price Hamptons East of the Shinnecock Canal The single largest category of sales in the eastern part of the Hamptons was the $1 million to $2 million range, with 72 sales in 2Q22, accounting for 31% of all transactions.

East 6.9%

0 to 500K

2

Sales

0.9%

>500K-1M

22 Sales

9.5%

>1M-2M

72 Sales

31.0%

>2M-3M

44 Sales

19.0%

>3M-5M

43 Sales

18.5%

>5M-10M

33 Sales

14.2%

>10M

16 Sales

6.9%

0.9% 9.5%

14.2%

31.0% 18.5%

19.0%

Hamptons West of the Shinnecock Canal With a higher availability of more moderately priced houses, the Hamptons west of the Shinnecock Canal saw the majority of sales under $1 million, with 49.4% of all sales in the $500K to $1M category. The next largest range, between $1 and $2 million, accounted for 30.6% of all closings west of the Canal.

West 0 to 500K

4

Sales

>500K-1M

42 Sales

49.4%

>1M-2M

26 Sales

30.6%

2M-3M

5

Sales

5.9%

>3M-5M

5

Sales

5.9%

>5M-10M

1

Sales

1.2%

>10M

2

Sales

2.4%

1.2%

4.7%

2.4% 4.7%

5.9% 5.9%

30.6%

49.4%

17

SECOND QUARTER 2022

Hamptons Market Report South Fork Sales by Price: 2Q22 vs. 2Q21 Looking at the entire Hamptons area, east and west of the Shinnecock Canal, all price range categories experienced decreases in 2Q22. The largest declines, in the under $1 Million ranges, are a reflection more of the shrinking availability of homes in the lower end of the market than of diminishing demand.

The high-end of the market, above $5 Million, experienced the lowest percentage decreases compared to 2Q21, indicating a sustained demand for the luxury market in the Hamptons.

166

180

160

140

2Q21

2Q22

98

116

120

84

100

64

66

80

48

>500K-1M

>1M- 2M

>2M-3M

>3M-5M

-44.8%

-41.0%

-41.7%

41

49

60

6

18

20

18

23

34

40

0

0 to 500K

-66.7%

-27.3%

>5M - 10M

-17.1%

>10M

-21.7%

18

SECOND QUARTER 2022

Market Report

North Fork

Residential

19

SECOND QUARTER 2022

North Fork Market Report Sales Slow + Prices Rise

120

After a significant slowdown in North Fork sales

102

105

100

during the First Quarter of 2022, relative stability returned in the Second Quarter. As with many

82

markets today, low inventory levels have been

88 81

80

limiting the pace of sales, as potential buyers are faced with fewer choices.

60

The number of single-family home sales on the

40

North Fork decreased a moderate 8%, from 88 sales in 2Q21 to 81 in 2Q22. Despite that decline,

20

the total dollar volume rose 14.6% to $79 Million.

-

2Q18

2Q19

2Q20

2Q21

2Q22

Total Number of Sales

14.6%

24.5%

Dollar Volume 2Q22 vs. 2Q21

Average Sold Price 2Q22 vs. 2Q21

8% Number of Sales 2Q22 vs. 2Q21

Average and Median Sales Prices Climb The average sales price on the North Fork increased 24.5% to $982,995 - the highest average price achieved to date. The $1,200,000 median price rose 9.6% compared to 2Q21, to $750,000. Lack of inventory in the lower end of the market and a higher percentage of sales above $750,000 contributed to the rise in average and median prices.

$684,500

$789,688 $495,750

$631,017

$535,000

$613,564

$400,000

$497,000

$600,000

$745,879

$800,000

$750,000

$982,995

$1,000,000

$200,000

$0

2Q18

2Q19

2Q20

Average Price

2Q21

2Q22

Median Price 20

SECOND QUARTER 2022

North Fork Market Report Percentage of Sales by Price - A Changing Landscape Significantly for the North Fork, the rising average price has led to a lack of availability at the low end of the market and an increasing percentage of transactions at the higher end. During the Second Quarter of 2022, 48.1% of all sales were above $750,000. During 2Q21 that figure was 40.9% and in 2Q20 it was only 25.6%. By contrast, in 2Q20, 53.7% of North Fork sales were below $500,000. By 2Q22, that figure had dropped to 19.8%.

0 to 350K

7

Sales

8.6%

>350K-500K

9

Sales

11.1%

8.6%

>500K-750K 26 Sales

32.1%

>750K-1M

13 Sales

16.0%

>1M-2M

19 Sales

23.5%

>2M-5M

7

8.6%

Sales

8.6%

11.1% 23.5%

32.1% 16.0%

Total Dollar Volume Reflecting a greater percentage of sales above $1 Million than in 2Q21, the North Fork Total Dollar Volume increased 14.6% to $79,622,608 in 2Q22, despite having fewer transactions. $90M

$60M

$52M

$50M

$80M

$69M

$64M

$70M

$76M

$80M

$40M $30M $20M $10M 0.0K

2Q18

2Q19

2Q20

2Q21

2Q22 21

SECOND QUARTER 2022

North Fork Market Report Single-Family Homes

Aquebogue Median Price

Average Price

Sales

0 to 350K

>350K -500K

>500K-750K

>750K-1M

>1M-2M

>2M-5M

>5M

2Q20

$816,000

$816,000

2

1

0

0

0

1

0

0

2Q21

$575,000

$614,833

6

0

2

2

2

0

0

0

2Q22

$555,000

$1,335,000

3

0

1

1

0

0

1

0

Median Price

Average Price

Sales

0 to 350K

>350K -500K

>500K-750K

>750K-1M

>1M-2M

>2M-5M

>5M

2Q20

$700,000

$619,500

9

2

1

3

3

0

0

0

2Q21

$755,000

$1,039,641

8

0

1

3

2

1

1

0

2Q22

$762,500

$1,013,250

8

1

0

3

2

1

1

0

Median Price

Average Price

Sales

0 to 350K

>350K -500K

>500K-750K

>750K-1M

>1M-2M

>2M-5M

>5M

2Q20

$438,000

$466,600

5

1

3

0

1

0

0

0

2Q21

$885,000

$885,000

1

0

0

0

1

0

0

0

2Q22

$1,149,000

$1,190,400

5

0

0

0

2

3

0

0

Median Price

Average Price

Sales

0 to 350K

>350K -500K

>500K-750K

>750K-1M

>1M-2M

>2M-5M

>5M

2Q20

$375,200

$569,840

5

2

1

1

0

1

0

0

2Q21

$760,500

$1,282,100

5

0

1

1

2

0

1

0

2Q22

$1,447,500

$1,617,250

4

0

0

0

0

3

1

0

Median Price

Average Price

Sales

0 to 350K

>350K -500K

>500K-750K

>750K-1M

>1M-2M

>2M-5M

>5M

2Q20

$555,000

$514,800

5

1

1

3

0

0

0

0

2Q21

$1,240,000

$918,333

3

1

0

0

0

2

0

0

2Q22

$451,500

$451,500

2

1

0

1

0

0

0

0

Cutchogue

East Marion

Greenport

Greenport Village

22

SECOND QUARTER 2022

North Fork Market Report Single-Family Homes

Jamesport Median Price

Average Price

Sales

0 to 350K

>350K -500K

>500K-750K

>750K-1M

>1M-2M

>2M-5M

>5M

2Q20

$369,000

$337,667

3

1

2

0

0

0

0

0

2Q21

$675,000

$565,000

5

2

0

2

1

0

0

0

2Q22

$605,000

$827,500

4

1

1

1

0

1

0

0

Median Price

Average Price

Sales

0 to 350K

>350K -500K

>500K-750K

>750K-1M

>1M-2M

>2M-5M

>5M

2Q20

$458,000

$553,375

4

0

3

0

1

0

0

0

2Q21

$736,025

$771,008

3

0

1

1

0

1

0

0

2Q22

$657,500

$657,500

2

0

1

0

1

0

0

0

Median Price

Average Price

Sales

0 to 350K

>350K -500K

>500K-750K

>750K-1M

>1M-2M

>2M-5M

>5M

2Q20

$1,037,500

$1,049,333

6

1

0

0

2

3

0

0

2Q21

$679,000

$681,000

9

0

1

5

3

0

0

0

2Q22

$613,000

$944,330

4

1

1

1

0

0

1

0

Median Price

Average Price

Sales

0 to 350K

>350K -500K

>500K-750K

>750K-1M

>1M-2M

>2M-5M

>5M

2Q20

$0

$0

0

0

0

0

0

0

0

0

2Q21

$1,040,000

$1,040,000

1

0

0

0

0

1

0

0

2Q22

$450,000

$450,000

1

0

1

0

0

0

0

0

Median Price

Average Price

Sales

0 to 350K

>350K -500K

>500K-750K

>750K-1M

>1M-2M

>2M-5M

>5M

2Q20

$1,442,763

$1,496,381

4

0

0

1

0

2

1

0

2Q21

$975,000

$1,253,787

3

0

0

0

2

1

0

0

2Q22

$925,000

$925,000

1

0

0

0

1

0

0

0

Laurel

Mattituck

New Suffolk

Orient

23

SECOND QUARTER 2022

North Fork Market Report Single-Family Homes

Peconic Median Price

Average Price

Sales

0 to 350K

>350K -500K

>500K-750K

>750K-1M

>1M-2M

>2M-5M

>5M

2Q20

$1,550,000

$1,185,000

3

0

1

0

0

2

0

0

2Q21

$0

$0

0

0

0

0

0

0

0

0

2Q22

$1,300,000

$1,232,750

4

0

0

0

1

3

0

0

Median Price

Average Price

Sales

0 to 350K

>350K -500K

>500K-750K

>750K-1M

>1M-2M

>2M-5M

>5M

2Q20

$355,000

$364,864

21

10

9

2

0

0

0

0

2Q21

$470,000

$500,292

24

4

10

8

2

0

0

0

2Q22

$599,900

$568,636

25

3

4

16

2

0

0

0

Median Price

Average Price

Sales

0 to 350K

>350K -500K

>500K-750K

>750K-1M

>1M-2M

>2M-5M

>5M

2Q20

$750,000

$750,000

1

0

0

1

0

0

0

0

2Q21

$765,000

$765,000

1

0

0

0

1

0

0

0

2Q22

$715,000

$715,000

1

0

0

1

0

0

0

0

Median Price

Average Price

Sales

0 to 350K

>350K -500K

>500K-750K

>750K-1M

>1M-2M

>2M-5M

>5M

2Q20

$659,750

$664,607

14

1

3

6

3

1

0

0

2Q21

$790,000

$978,711

19

1

2

4

6

5

1

0

2Q22

$1,250,000

$1,444,023

17

0

0

2

4

8

3

0

Riverhead

South Jamesport

Southold

24

Contact Us SECOND QUARTER 2022 Residential Market Report East Hampton 27 Main Street East Hampton, NY 11937 631.324.6400

Bridgehampton 2408 Main Street Bridgehampton, NY 11932 631.537.2727

Sag Harbor 96 Main Street Sag Harbor, NY 11963 631.725.2250

Southampton 31 Main Street Southampton, NY 11968 631.287.4900

Westhampton Beach 70 Main Street Westhampton, NY 11978 631.288.5500

North Fork 13105 Main Road Mattituck, NY 11952 631.477.0551

BHS

THE

Craft OF Research

©2022 by Brown Harris Stevens. All Rights Reserved. This information may not be copied, used or distributed

without Brown Harris Stevens’ consent. While information is believed true, no guaranty is made of accuracy.

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