2022 Hamptons Q1 Report

Page 1

Q1-2022

Report

Hamptons, NY Sales

Hamptons

Median Sales Price

Condo & Single Family Dashboard

Number of Sales

$1.525M

950

$1.350M

800

$1.175M

650

$1.0M

500

$825K

350

YEAR-OVER-YEAR

+ 7.7% Prices

Median Sales Price

- 1.7 mos Pace

Months of Supply

- 22.4% Sales

Closed Sales

- 41.5%

Inventory

Total Inventory

- 11 days

Marketing Time Days on Market

- 1.6%

Negotiability Listing Discount

Since the pandemic era began, median sales price has reached the top three highest levels each quarter

Bidding wars were incurred in more than one out of four sales for the third straight quarter

Listing inventory fell to a new low for the second straight quarter

Severely restrained by lack of supply, sales declined annually for the past three quarters

200

$650K 2012

2013

2014

2015

2016

Hamptons Matrix

2017

2018

2019

2020

2021

2022

Q1-2022

%∆ (qtr)

Q4-2021

%∆ (yr)

Q1-2021

Average Sales Price

$2,620,899

4.2%

$2,515,546

24.7%

$2,102,315

Median Sales Price Median Sales Price

Hamptons Luxury $1,400,001 2.9%

Number of Sales (Closed) $9.0M Days on Market (From Last List Date) $7.8M Listing Discount (From Last List Price)

Number $1,300,000 of Sales 7.7%

$1,360,000

395

-25.5%

530

-22.4%

509 85

90

2.3%

88

-10.9%

101 73 7.6%

6.0%

6.5%

Listing Inventory $6.6M

671

-15.5%

794

-41.5%

1,147 61

Months of Supply $5.4M Year-to-Date

5.1

13.3%

4.5

-25.0%

Q1-2022

%∆ (qtr)

Q4-2021

%∆ (yr)

6.8 49 Q1-2021

Average Sales Price (YTD) $4.2M

$2,620,899

N/A

N/A

24.7%

$2,102,315 37

Median Sales Price (YTD) $3.0M Number of Sales (YTD)

$1,400,001

N/A

N/A

7.7%

395

N/A

N/A

-22.4%

$1,300,000 25 509

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

Heavy bidding war activity confirmed high demand despite sale declines, largely due to the collapse in listing inventory. Median Sales Price of Sales Hamptons Median sales price rose 7.7% year over Condo listing inventory reigned inNumber demand as sales year to the second-highest level on record fell 22.4% annually to 395. Despite the third $1.05M 60 and 41.4% above the pre-pandemic level. quarter with a year over year sales decline, Average sales price followed the same the number of sales was still 15.2% higher pattern, than pre-pandemic levels. An indicator $900K surging 24.7% to a record $2,620,899 48 and 23.4% above the same period two years of continued demand, the market share ago. The lack of supply was a key driver of of bidding wars reached 26.5%, the third$750Kprice trends. Listing inventory fell 41.5% 36 rising highest amount tracked and only nominally year over year to a record low of 671 for the lower than both the prior quarter’s market tenth consecutive decline and 65.2% below share of 26.6% and the all-time high of 26.7% $600K 24 the pre-pandemic levels. The collapse of two quarters ago. $450K

12

$300K

0 Q1-2021

Q2-2021

Q3-2021

Q4-2021

Q1-2022

Prepared by Miller Samuel Real Estate Appraisers & Consultants Median Sales Price

Hamptons Single Family

Number of Sales


$750K 2012 Sales 2013 Median Price 2014

2015

2016Hamptons 2017

2018

36

2019

2020Number 2021 of Sales 2022

$1.525M $600K Median Sales Price

Hamptons Luxury

950 24 Number of Sales

$9.0M Median Sales Price $1.350M $450K

Hamptons Luxury

85 Number of Sales 800 12

Q1-2022 The Elliman Report • Quarterly Survey 73 85 of Hamptons, NY Residential Sales

elliman.com/marketreports

$7.8M $9.0M

$1.175M $300K $6.6M $7.8M

Q1-2021

Q2-2021

Q3-2021

Q4-2021

650 0 61 73

Q1-2022

Single Family

4961 500

$5.4M $1.0M $6.6M

$4.2M $5.4M $825K $3.0M $4.2MMedian Sales Price 2012

$650K $1.55M $3.0M

2012

2012

2013

2013

Hamptons Single Family

2014 2014

2013

37 49 350

2014

2015

2016

2017

2018

2019

2020

2015

2016

2017

2018

2019

2020

2015

2016

2017

2018

2019

Number of Sales 2537 2021

2020

2022

200 700

2021

2021

2022

$1.50M

600

Median Sales Price $1.45M Median Sales Price $1.05M $9.0M Median Sales Price $1.40M $900K $1.05M $7.8M $1.35M $6.6M $750K $900K $5.4M $1.30M $600K $750K $4.2M

Number of Sales500 60 85 Number of Sales 400 4860 73

Hamptons Condo

Q1-2021

Q2-2021

2013

2014

Q3-2021

2015

Condo

2016

$300K Median Sales Price $8.5M

Number of Sales

Hamptons Condo Hamptons Luxury

2017

2018

Q1-2022

2019

2020

Q2-2021

Q3-2021

Q4-2021

Q2-2021

Q3-2021

Q4-2021

$6.7M Sales Price Median $750K $1.50M

Q2-2021

Luxury 22.4%

Median Sales Price

$1.30M $1.55M Median Q1-2021 Sales Price

Q3-2021

9.7%

Q4-2021

Q4-2021

%∆ (yr)

Q1-2021

$1,002,113

17.5%

$797,466

Median Sales Price Median Sales Price Number of Sales (Closed)

$942,500 12.5% Hamptons

$838,050

400

Q1-2022

Hamptons Luxury

Q1-2022 Number of Sales

700

Median Sales Price

500 70 Number of Sales

Hamptons Luxury

-81.5%

54

$1.525M Days on Market (From Last List Date)

150

11.9%

134

Listing Discount (From Last List Price)

6.2%

$1.350M Listing Inventory

Months of Supply

-66.7%

3.6

176.9%

1.3

-26.5%

Luxury Matrix (Top 10% of Sales) $1.0M Average Sales Price

Q1-2022

%∆ (qtr)

Q4-2021

%∆ (yr)

$12,102,413

12.8%

$10,730,796

48.7%

$7,711,250

-4.2%

$8,050,000

32.4%

40

-25.9%

54

-23.1%

-17.1%

140

-11.5%

Days on Market (From Last List Date)

116

Listing $650KDiscount (From Last List Price)

6.6%

200 25 55

Listing Inventory 2012 2013

73.4%Q1-2022

Q4-2021

North Fork

$5.5M $6.7M Q1-2021

Q2-2021

$6.1M Median Sales Price

10 40

Q3-2021

Q4-2021

Q1-2022

East End By Dollars

$7.9M

Q1-2021

Q2-2021

Q3-2021

Q4-2021

Q1-2022

East End equals Hamptons and North Fork $7.3M

22.4%

East End By Units

East End By Dollars

$6.7M

$6.1M

22.4% 77.6%

85

10

70

Months of Supply

2014

2015

Entry Price Threshold

8.9%

2016354 2017 25.5% 2018

26.6

69.4%

$4,800,000

-7.7%

Q1-2021 500 $8,136,794 $5,825,000 350 52 131 10.5% 200

2019 282 2020-34.2% 2021

15.7

-14.2%

$5,200,000

24.7%

2022 538

31.0

$3,850,000

Hamptons Luxury

Median Sales Price

Number of Sales

$9.0M

85

$7.8M

73

$6.6M

61

$5.4M

49

$4.2M

37

55

40

9.7% 90.3%

4.9

25

Number of Sales

Hamptons Luxury

East End By Units

Share of East End9.7% Region

$8.5M $5.5M

800 36 650

300 4070

Q3-2021 Hamptons

950 142

6.7%

23

400 55 85

Q2-2021

3.5% -47.8%

$1.35M $7.9M $6.7M

Q1-2021

5.6%

12

$8.5M $1.40M $7.3M

$1.30M $6.1M $7.3M

19.7% $787,500 Number of Sales -54.5% 22

$1.175M

Median Sales Price $825K of Sales (Closed) Number

90.3%

77.6%

$1.45M $7.9M

10

300

600 85

$1.50M $8.5M

97 7.6%

-6.5%

Number of Sales

Q3-2021

-9.3%

%∆ (qtr)

200

Q2-2021

84 6.6%

Q1-2022

Q1-2022

Q4-2021

4.8%

6.0%

$937,350

0 70 60

East End By Dollars

Hamptons Single Family

88

Listing Discount (From Last List Price)

Average Sales Price

12

85

200 Q1-2021

$1.35M

Days on Market (From Last List Date)

24

500

Q4-2021

487

Hamptons Condo Matrix

25 12

0 300 Q3-2021

-20.9%

6.8

600

Q2-2021

476

1,111

10 12 400

Q1-2021

-19.1%

-25.0%

700

East End By Units

$1,340,000

385

-40.7%

$1.50M $5.5M $450K $1.40M

$1.40M $1.30M

$2,161,261

8.2%

4.9

40 Number of Sales 36 600

Q1-2022

23.3%

$1,500,250

771

Q1-2022

Q4-2021

$2,687,238

-3.3%

4.1%

55 48 700

Q3-2021

-0.8%

$1,450,000

-14.5%

25 24 500

Q2-2021

$2,664,628

Median Sales Price

5.1

$1.55M $6.1M $600K $1.45M

Q1-2021

Average Sales Price

659

2022

$1.45M $300K $1.35M

Q1-2021

Months of Supply

Number of Sales

Hamptons Single Family

%∆ (yr)

Listing Inventory

Q1-2022

Hamptons Single Family

Q4-2021

49 200 24 37 36

Number of Sales

Hamptons Condo

Median Sales Price $7.3M $900K $1.55M

2021

%∆ (qtr)

300 61 36

Number of Sales 0

Hamptons Luxury

Q1-2021

$300KMedian Sales Price $7.9M Q1-2021 $1.05M

Q4-2021

Q1-2022

Number of Sales (Closed)

48

$3.0M $450K $600K 2012

$450K

25

2022

Hamptons Single Family Matrix

25

10

$5.5M Q1-2021

Q2-2021

Q3-2021

Q4-2021

77.6%

East End By Units

East End By Dollars

73.4% 9.7%

Hamptons North Fork

22.4%

Hamptons 77.6%

Single Family Units Condo Units Single Family Dollars Condo Dollars

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

73.4%

Hamptons

90.3%

North Fork

Hamptons

Current Quarter

Prior Year Quarter

97.5% 73.4% 95.7%

Hamptons

North Fork

25

$3.0M

Northfork

By Sales Share Type

Q1-2022

90.3%

2.5%

Median Sales Price Price $1.05M Over $5M

Current Quarter

Prior Year Quarter

Over/Under Last List

Hamptons Condo

9.1%

6.1%

Current Prior Year Number of Sales Quarter Quarter

Over

26.5%

60 21.7%

4.3%

$1M – $5M

44.3%

44.2%

At

13.6%

11.4%

99.1%

98.4%

$900K Under $1M

46.6%

49.7%

Under

59.9%

48 66.9%

0.9%

1.6%

$750K Questions or comments? Email report author Jonathan Miller at jmiller@millersamuel.com Methodology: millersamuel.com/research-reports/methodology

Douglas Elliman Real Estate $600K575 Madison Avenue, New York, NY 10022 212.891.7000 • elliman.com

36 Miller Samuel Real Estate Appraisers & Consultants 21 West 38th Street, New York, NY 10018 24 212.768.8100 • millersamuel.com

© 2022 DOUGLAS ELLIMAN REAL ESTATE AND MILLER SAMUEL REAL ESTATE APPRAISERS & CONSULTANTS. ALL WORLDWIDE RIGHTS RESERVED. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE, THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES OR WITHDRAWAL WITHOUT NOTICE. ALL PROPERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS AND THE SCHOOL DISTRICT IN PROPERTY $450K IS CURRENTLY LISTED WITH ANOTHER REAL ESTATE BROKER, PLEASE DISREGARD THIS OFFER. IT IS NOT OUR INTENTION TO SOLICIT THE OFFERINGS OF OTHER REAL 12 LISTINGS SHOULD BE VERIFIED BY YOUR OWN ATTORNEY, ARCHITECT OR ZONING EXPERT. IF YOUR PROPERTY ESTATE BROKERS. WE COOPERATE WITH THEM FULLY. EQUAL HOUSING OPPORTUNITY.


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