Tim Davis
The Hamptons Luxury Market Leader
FIRST QUARTER 2019 EAST END MARKET REPORT
6 OLDE TOWNE LANE SOUTHAMPTON WEB ID: 25123 | $34.95M LAST ASK SOLD
1ST QUARTER REPORT 2019 Welcome to the First Quarter 2019 Corcoran Report, our quarterly comparison of
the East End’s residential real estate market. This report uses market-wide data from
the Long Island Real Estate Report and is based upon transactions reported from January through March 2019. It compares data to that reported in the same period
of 2018. For the purposes of the South Fork market comparison, this report contrasts the villages and hamlets from Remsenburg to Montauk, plus Shelter Island, while the North Fork encompasses the area extending from Aquebogue to Orient.
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TI M DAV I S H AM PTO N S. CO M
75 FIRST NECK LANE SOUTHAMPTON WEB ID: 10633 | $12.4M LAST ASK SOLD
SOUTH FORK
ANNUAL CHANGE
517
$961M
$1.86M
$1M
Sales
Volume
Average Price
Median Price
-2%
-7%
-6%
-8%
TIMDAVIS HA MPTON S .COM
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SOUTH FORK The South Fork had a decline in both sale and price statistics. Reported closed sales declined a slight 2% year-over-year but sales volume fell a deeper 7%. Average price and median price were both down, by 6% and 8% respectively. A major drive of these declines was a weak quarter in Southampton Village, which had fewer sales, particularly at the high-end. Altogether, sales were down in ten out of the 14 areas. Only East Hampton, East Hampton Village, Montauk and Remsenburg/Westhampton noted more reported sales this quarter compared to First Quarter 2018. Average price was higher in half of the areas. The biggest increase was in East Hampton, with average price up 21%. While the number of reported East Hampton sales was nearly steady, there was a major increase in deals over $1M, while those under $500,000 shrank. Bridgehampton/ Sagaponack had the next highest average price increase at 16% and the highest median price increase at 46% due to a steep drop-off in deals reported under $1M. The biggest decline was Shelter Island’s 41% average price drop, attributable to a lack of reported sales over $2M this year.
AMAGANSETT
1Q19
1Q18
% CHG (YR)
18
20
-10%
VOLUME
$46.608M
$49.468M
-6%
AVERAGE PRICE
$2.589M
$2.473M
5%
MEDIAN PRICE
$2M
$2.125M
-6%
1Q19
1Q18
% CHG (YR)
28
35
-20%
$140.027M
$150.658M
-7%
AVERAGE PRICE
$5.001M
$4.305M
16%
MEDIAN PRICE
$3.363M
$2.3M
46%
1Q19
1Q18
% CHG (YR)
105
104
1%
SALES
BRIDGEHAMPTON/SAGAPONACK SALES VOLUME
EAST HAMPTON SALES VOLUME
$149.492M
$122.433M
22%
AVERAGE PRICE
$1.424M
$1.177M
21%
MEDIAN PRICE
$1.240M
$933K
33%
1Q19
1Q18
% CHG (YR)
18
12
50%
$103.848M
$64.892M
60%
AVERAGE PRICE
$5.769M
$5.408M
7%
MEDIAN PRICE
$4.5M
$3.898M
15%
EAST QUOGUE/HAMPTON BAYS
1Q19
1Q18
% CHG (YR)
85
100
-15%
EAST HAMPTON VILLAGE SALES VOLUME
SALES VOLUME
$54.232M
$58.098M
-7%
AVERAGE PRICE
$638K
$581K
10%
MEDIAN PRICE
$533K
$493K
8%
MONTAUK
1Q19
1Q18
% CHG (YR)
34
25
36%
VOLUME
$63.134M
$48.599M
30%
AVERAGE PRICE
$1.857M
$1.944M
-4%
MEDIAN PRICE
$1.150M
$1.225M
-6%
1Q19
1Q18
% CHG (YR)
51
52
-2%
SALES
SAG HARBOR/NORTH HAVEN SALES VOLUME
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TI M DAV I S H AM PTO N S. CO M
$103.129M
$90.078M
-14%
AVERAGE PRICE
$2.022M
$1.732M
17%
MEDIAN PRICE
$1.475M
$1.4M
5%
QUOGUE VILLAGE/QUOGUE SALES
1Q19
1Q18
% CHG (YR)
14
17
-18%
VOLUME
$28.016M
$38.128M
-27%
AVERAGE PRICE
$2.001M
$2.243M
-11%
MEDIAN PRICE
$1.329M
$1.6M
-17%
1Q19
1Q18
% CHG (YR)
55
58
-5%
VOLUME
$58.728M
$89.751M
-35%
AVERAGE PRICE
$1.068M
$1.547M
-31%
MEDIAN PRICE
$780K
$1.213M
-36%
SOUTHAMPTON VILLAGE
1Q19
1Q18
% CHG (YR)
SOUTHAMPTON SALES
SALES
16
28
-43%
VOLUME
$57.302M
$162.158M
-65%
AVERAGE PRICE
$3.581M
$5.791M
-38%
MEDIAN PRICE
$2.46M
$3.472K
-29%
1Q19
1Q18
% CHG (YR)
17
19
-11%
VOLUME
$58.47M
$77.231M
-24%
AVERAGE PRICE
$3.439M
$4.065M
-15%
MEDIAN PRICE
$2.7M
$2.7M
0%
SHELTER ISLAND
1Q19
1Q18
% CHG (YR)
WATERMILL SALES
SALES
16
17
-6%
$15.101M
$27.410M
-45%
AVERAGE PRICE
$944K
$1.612K
-41%
MEDIAN PRICE
$862K
$945K
-9%
REMSENBURG/WESTHAMPTON
1Q19
1Q18
% CHG (YR)
59
37
59%
VOLUME
$81.848M
$58.535M
40%
AVERAGE PRICE
$1.387M
$1.582M
-12%
MEDIAN PRICE
$900K
$950K
-5%
VOLUME
SALES
TIMDAVIS HA MPTON S .COM
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SOUTH FORK SALES BY CATEGORY
There were minimal shifts in market share east of the canal. No price category had a more than 2% change in market share. West of the canal, sales from $500,000 to $1M comprised 46% of the market, a major jump over the 36% market share in First Quarter 2018. In turn, the under $500,000 segment lost significant market share, dropping to 29% of reported sales from 39%.
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TI M DAV I S H AM PTO N S. CO M
LUXURY MARKET The luxury market is defined as the top 10% of all residential sales made within the period being reported. As various factors redefine the high-end market in any given period, price figures may exhibit more volatility than the market overall. Because the luxury market is a fixed percentage of the overall market, the change in reported luxury sales will always be similar to the overall market’s change.
SOUTH FORK
1Q19
1Q18
% CHG (YR)
52
53
-2%
$395.675M
$463.578M
-15%
AVERAGE PRICE
$7.609M
$8.747M
-13%
MEDIAN PRICE
$6.563M
$6.55M
0%
NORTH FORK
1Q19
1Q18
% CHG (YR)
16
14
14%
VOLUME
$29.778M
$23.703M
26%
AVERAGE PRICE
$1.861M
$1.693M
10%
MEDIAN PRICE
$1.548M
$1.523M
2%
SALES VOLUME
The average South Fork luxury price was $7.6M, a 13% drop from last year’s figure of $8.7M. Fewer sales over $20M caused this decline. But there were more sales between $10M and $20M reported this year, which helped to keep the median price steady at $6.6M. The North Fork had 10% increase in average luxury price. Two reported sales over $3M drove the increase
SALES
versus First Quarter 2018 when there were none. Median price was steadier, with just a 2% increase yearover-year.
23 SHINNECOCK QUOGUE WEB ID: 105509 | $9.875M LAST ASK SOLD
122 & 132 SOUTH MAIN STREET SOUTHAMPTON WEB ID: 30287 | $15.875M LAST ASK SOLD
OVERALL INVENTORY INVENTORY
Inventory is the total number of East End properties listed for sale at the end of a particular period. First Quarter 2019 inventory was 5,854 listings, a 3.6% increase versus First Quarter 2018. This is the second consecutive quarter that inventory increased year-over-year, although last quarter’s growth was less than 1%. Previously, inventory had dropped versus the prior year for eight straight quarters. The number of listings is still below the figure seen in First Quarter 2017, however. TIMDAVIS HA MPTON S .COM
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Tim Davis
The Hamptons Luxury Market Leader
T IM D AV ISHAMPTONS.COM
Real estate agents affiliated with The Corcoran Group are independent contractors and are not employees of The Corcoran Group. The Corcoran Group is a licensed real estate broker located at 1936 Montauk Highway, Bridgehampton, NY 11932. All material presented herein is intended for information purposes only and has been compiled from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal notice.