Q3 | 2020
The Hamptons
Market Update
AMAGANSETT
Offered at $11,900,000 TwelveWhalers.com
SAGAPONACK
Offered at $14,950,000 sothebysrealty.com/id/VQRVHK
a message from
The Hamptons Brokerage Managers Sotheby’s International Realty agents pivoted to a new way of conducting business in the second and third quarters of this year, adjusting to the health and safety demands of the pandemic. Open houses, showings, and property tours, all done virtually, became commonplace and our expert agents quickly adopted new technologies to continue to provide extraordinary service to our clients and customers. Sales activity in the third quarter of 2020 in our market saw a dramatic increase year over year in all price points. Properly priced properties have regularly seen multiple parties vying for the top bid. Total dollar volume, average, and median sales price were all up throughout The Hamptons. Lease activity for this upcoming summer season exceeded all prior years. As the world’s premier luxury real estate brand, Sotheby’s International Realty remains committed to providing the highest quality service to our clients and customers. Our virtual marketing platforms are continually being refined while reaching key demographics in luxury markets across the globe. Our newly improved website, Sothebysrealty.com, promotes our listings internationally and is performing beyond expectations with both number of visits as well as time spent on the site. Our YouTube channel hosts a curated collection of property videos throughout our network and broadcasts to over 320,000 subscribers from around the world—more than any other real estate channel. While continuing to develop and implement cutting edge technologies, our agents remain well-versed in zoning, building, and rental codes specific to each hamlet on the South Fork. Our goal is to continue to pair exceptional properties with exceptional clients while offering superior, white glove service. We would be pleased to partner with you to achieve your real estate goals, whether buying or selling your home or preparing for your next summer rental in The Hamptons We wish you and your family good health and prosperity in the months ahead.
BRIDGEHAMPTON & SOUTHAMPTON BROKERAGES
Ed Reale (Licensed as Patrick E. Reale), Brokerage Manager 50 Nugent Street | Southampton, NY 11968 | 631.283.0600 2446 Main Street | Bridgehampton, NY 11932 | 631.537.6000 EAST HAMPTON BROKERAGE
Nanette Hansen, Brokerage Manager 6 Main Street | East Hampton, NY 11937 | 631.324.6000 sothebysrealty.com All data in this report is derived from the Long Island Real Estate Reports. Since all final closed data for the current quarter had not been reported at the time this report was compiled, the available closed data was extrapolated in an attempt to approximate full results for the current quarter. Actual results may materially vary from the approximated results. The areas reported on in this report include Amagansett, Bridgehampton, East Hampton, Montauk, Sag Harbor, Sagaponack, Shelter Island, Southampton, Wainscott, and Water Mill. Sotheby’s International Realty and the Sotheby’s International Realty logo are registered (or unregistered) service marks used with permission. Operated by Sotheby’s International Realty, Inc. Real estate agents affiliated with Sotheby’s International Realty, Inc. are independent contractor sales associates and are not employees of Sotheby’s International Realty, Inc. Equal housing opportunity.
Featured Properties We invite you to explore our exclusive offerings at S OT H EBYS R EALTY.COM SOUTHAMPTON
Offered at $24,950,000 275OxPastureRoad.com
EAST HAMPTON
Offered at $15,950,000 LousePointCompound.com EAST HAMPTON
Offered at $5,890,000 28HedgesBanks.com EAST HAMPTON
Offered at $3,250,000 105GerardDrive.com QUIOGUE
Offered at $6,900,000 20SaintGeorgePlace.com *in order from left to right, top to bottom
sothebysrealty.com
Featured Properties
/ The Hamptons Q3 Market Update
Market Snapshot All Hamptons
(east of the Shinnecock Canal)
Bridgehampton 500
$3 .0
450 $2 .5
400 350
$2 .0
Southampton
300 250
$1.5
200
East Hampton
Sag Harbor
$1.0
150 100
$0.5
50 $0.0
0
2016
2017
2018
2019
*Price in Millions
Total Units Sold 39 212 64 146
Average Selling Price vs. Total Units Sold
Bridgehampton
Average Selling Price
East Hampton
Total Units Sold
Sag Harbor Southampton
2020
Q3 Highlights All Hamptons
(east of the Shinnecock Canal)
Bridgehampton
$7.0
$6.0
$5.0
Southampton
$4.0
$3.0
East Hampton
$2.0
$1.0
Sag Harbor
Average Selling Price 6.1 $ 1.9 $ 2.0 $ 2.5 $
Bridgehampton East Hampton Sag Harbor Southampton *Price in Millions
Southampton
Sag Harbor
East Hampton
Bridgehampton
$-
*Price in Millions
Total Dollar Volume 9% 41 % 13 % 37 %
Bridgehampton East Hampton Sag Harbor Southampton
Q3 Highlights
/ The Hamptons Q3 Market Update
Units Sold Comparison All Hamptons | Five Years (east of the Shinnecock Canal)
500 450 400 350 300 250 200 15 0 100 50 -
2016
2017
2018
2019
2020 Under $1M $1 - 3M $3 - 6M $6 - 10M $10M and Above
Total Units Sold By Price Point Below $1M
$1M $3M
$3M $6M
$6M $10M
$10M & Above
Total
Change
-10%
61%
142%
100%
133%
38%
Change
-15%
73%
82%
13%
0%
28%
2020
138
211
80
18
14
461
2019
154
131
33
9
6
333
2018
141
137
32
9
9
328
2017
180
143
32
12
9
376
2016
163
122
44
16
14
359
Q3 {2020 v 2019} {2020 v 2016}
*Price in Millions
Sales & Price Comparison by Town All Hamptons | Five Years (east of the Shinnecock Canal)
$6 .5 $6 .0 $5 .5 $5 .0 $4 .5 $4 .0 $3 .5 $3 .0 $2 .5 $2 .0 $1.5 $1.0 $0.5 $0.0
2016
2017
2018
2019
Average Selling Price
2020
Bridgehampton East Hampton Sag Harbor Southampton
Median Selling Price
*Price in Millions $3 .5 $3 .0 $2 .5 $2 .0 $1.5 $1.0 $0.5 $0.0
2016
2017
2018
2019
Five Year Comparison
2020
/ The Hamptons Q3 Market Update
at a glance {Q3 | 2020}
bridgehampton
39 Units Sold
+77
%
Change in Units Sold {2020 v 2019}
6.1m +59 $
Average Selling Price
%
Change in Average Selling Price {2020 v 2019}
|
Average Selling Price Total Units Sold $7,000,000
45 40
$6,000,000
35 $5,000,000
30
$4,000,000
25
$3,000,000
20 15
$2,000,000
10 $1,000,000
5 -
$-
2016
2017
2018
Average Selling Price
2019
2020
Total Units Sold
About
Bridgehampton ALSO ENCOMPASSING SAGAPONACK
Bridgehampton’s cultural sophistication offers world-class riding events, some of the finest beaches, popular wineries, boutique shops, a historic charming village, fine dining and galleries among world-class, coveted properties.
Average Selling Price
Median Selling Price
Total Units Sold
59%
17%
77%
2020
$6,124,614
$3,250,000
39
2019
$3,846,818
$2,775,000
22
2018
$4,918,402
$2,995,000
27
2017
$4,179,023
$2,121,500
30
2016
$5,507,365
$2,347,500
22
Q3 {2020 v 2019}
Change
Bridgehampton
/ The Hamptons Q3 Market Update
|
Average Selling Price Total Units Sold $2,500,000
250
$2,000,000
200
$1,500,000
150
$1,000,000
100
$500,000
50
$-
-
2016
2017
2018
Average Selling Price
2019
2020
Total Units Sold
About
East Hampton ALSO ENCOMPASSING AMAGANSETT, MONTAUK, AND WAINSCOTT
Distinguished by miles of sandy beaches, East Hampton retains its historic charm and offers a vibrant cultural scene as well as some of the most exclusive, extraordinary properties on the East End.
Average Selling Price
Median Selling Price
Total Units Sold
6%
15%
43%
2020
$1,931,470
$1,262,500
212
2019
$1,818,900
$1,100,000
148
2018
$1,711,385
$1,050,000
151
2017
$1,333,164
$950,000
181
2016
$1,637,328
$855,000
153
Q3 {2020 v 2019}
Change
The Hamptons Q3 Market Update / East Hampton
at a glance {Q3 | 2020}
east hampton
212 Units Sold
+43
%
Change in Units Sold {2020 v 2019}
1.9 m
$
Average Selling Price
+6
%
Change in Average Selling Price {2020 v 2019}
at a glance {Q3 | 2020}
sag harbor
64 Units Sold
+10
%
Change in Units Sold {2020 v 2019}
2.0m +17 $
Average Selling Price
%
Change in Average Selling Price {2020 v 2019}
|
Average Selling Price Total Units Sold 80
$3,000,000
70
$2,500,000
60 $2,000,000
50 40
$1,500,000
30
$1,000,000
20 $500,000
10 -
$-
2016
2017
2018
Average Selling Price
2019
2020
Total Units Sold
About
Sag Harbor ALSO ENCOMPASSING NORTH HAVEN AND NOYAC
A former whaling port, and long favored by famed writers and artists, picturesque Sag Harbor is the home base to some of the finest yachts in the world, residences with spectacular waterviews, and an energetic community.
Average Selling Price
Median Selling Price
Total Units Sold
17%
9%
10%
2020
$1,975,475
$1,437,500
64
2019
$1,693,072
$1,320,000
58
2018
$1,589,961
$1,275,000
45
2017
$1,863,274
$1,405,000
56
2016
$2,586,418
$1,325,000
68
Q3 {2020 v 2019}
Change
Sag Harbor
/ The Hamptons Q3 Market Update
|
Average Selling Price Total Units Sold $3,000,000
160 140
$2,500,000
120 $2,000,000
100 80
$1,500,000
60
$1,000,000
40 $500,000
20 -
$-
2016
2017
2018
Average Selling Price
2019
2020
Total Units Sold
About
Southampton (EAST OF THE SHINNECOCK CANAL) INCLUDING NORTH SEA AND WATER MILL
Southampton’s prestigious oceanfront town offers unparalleled beaches and elegance. Prominent hedged estates and homes with sweeping ocean views command the classic and traditional community sought after by many.
Average Selling Price
Median Selling Price
Total Units Sold
67%
95%
39%
2020
$2,508,605
$1,900,000
146
2019
$1,504,183
$975,000
105
2018
$1,795,217
$1,200,000
105
2017
$2,075,148
$1,099,000
109
2016
$2,811,404
$1,250,000
116
Q3 {2020 v 2019}
Change
The Hamptons Q3 Market Update
/ Southampton
at a glance {Q3 | 2020}
southampton
(east of the Shinnecock Canal)
146 Units Sold
+39
%
Change in Units Sold {2020 v 2019}
2.5m +67 $
Average Selling Price
%
Change in Average Selling Price {2020 v 2019}
Significant Sales We celebrate the notable success of our associates and clients
SAGAPONACK
3.5Âą Acres Sagaponack South Last Asking Price $12,950,000
SOUTHAMPTON
Meadow Lane Oceanfront Beach House Last Asking Price $39,000,000 SOUTHAMPTON
Legendary Pondfront, 375± ft to Ocean Last Asking Price $10,000,000 MONTAUK
Ocean Views In Montauk Last Asking Price $5,950,000 SAGAPONACK
Overlooking Reserve In Sagaponack Last Asking Price $5,750,000 *in order from left to right, top to bottom
sothebysrealty.com Significant Sales
/ The Hamptons Q3 Market Update
PHOTO BY GIAMMARCO BOSCARO ON UNSPLASH
w i n e i s a n e v e r- e n d i n g j o u r n e y. sothebyswine.com
AUCTION • RETAIL • ADVISORY New York Hong Kong London
AUCTION • RETAIL • ADVISORY New York Hong Kong London