Tim Davis
The Hamptons Luxury Market Leader
THIRD QUARTER 2018 EAST END MARKET REPORT
23 SHINNECOCK RD QUOGUE, NY Web ID: 105509 | $9.875M IN CONTRACT
3RD QUARTER REPORT 2018 Welcome to the Third Quarter 2018 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 July through September 2018. It com-
pares data to that reported in the same period of 2017. 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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T I M DAV I S H AM PTO NS. CO M
122 AND 132 SOUTH MAIN STREET SOUTHAMPTON, NY WEB ID: 30287 | $15.875M IN CONTRACT
SOUTH FORK 594 Sales
ANNUAL CHANGE
1%
$1.072B
$1.805M
$992K
Volume
Average Price
Median Price
-3%
-4%
1%
TIMDAVI S H A M PTON S .COM
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SOUTH FORK The South Fork market was relatively flat during Third Quarter 2018. There was a slight 1% increase in reported sales versus Third Quarter 2017. Average price dipped 4%, which in turn meant sales volume was down 3% year-over-year. However, median price increased 1%, signaling the steadiness of the market. Reported sales increased in six submarkets, with the largest improvements in East Quogue/Hampton Bays (26%) and Amagansett (21%). While more areas saw a decline sales – seven – these were some of the smaller villages and hamlets, and none had a drop of more than nine reported sales. Price statistics also improved in eight of 13 areas. The largest increase (119%) was seen in Montauk, where an oceanfront home was reported sold for over $20M after closing in June. Although even if this sale were excluded Montauk average price would still have been up significantly. The second largest average price increase, 30%, was found in East Quogue/Hampton Bays, which was partially due to a Dune Road home closing. Average price declines of around 30% were seen in East Hampton Village and Southampton Village, which were two of the three highest average prices overall. While both villages had the same number of sales reported each quarter, the number of sales over $10M dipped, driving price statistics lower.
AMAGANSETT
3Q18
3Q17
% CHG (YR)
23
19
21%
VOLUME
$72.02M
$49.990M
44%
AVERAGE PRICE
$3.131M
$2.631M
19%
MEDIAN PRICE
$2.025M
$2.100M
-4%
3Q18
3Q17
% CHG (YR)
SALES
BRIDGEHAMPTON/SAGAPONACK SALES
30
32
-6%
$125.163M
$135.056M
-7%
AVERAGE PRICE
$4.172M
$4.220M
-1%
MEDIAN PRICE
$2.655M
$2.613M
2%
3Q18
3Q17
% CHG (YR)
126
117
8%
$167.409M
$144.838M
16%
AVERAGE PRICE
$1.329M
$1.238M
7%
MEDIAN PRICE
$928K
$905K
2%
EAST HAMPTON VILLAGE
3Q18
3Q17
% CHG (YR)
VOLUME
EAST HAMPTON SALES VOLUME
SALES
17
17
0%
VOLUME
$83.027M
$121.585M
-32%
AVERAGE PRICE
$4.884M
$7.152M
-32%
MEDIAN PRICE
$3.650M
$4.125M
-12%
3Q18
3Q17
% CHG (YR)
126
100
26%
$99.767M
$61.120M
63%
AVERAGE PRICE
$792K
$611K
30%
MEDIAN PRICE
$594K
$514K
16%
MONTAUK
3Q18
3Q17
% CHG (YR)
EAST QUOGUE/HAMPTON BAYS SALES VOLUME
SALES
21
28
-25%
VOLUME
$52.412M
$31.965M
-64%
AVERAGE PRICE
$2.496M
$1.142M
119%
MEDIAN PRICE
$1.235M
$968K
28%
3Q18
3Q17
% CHG (YR)
64
59
8%
$121.432M
$101.466M
20%
AVERAGE PRICE
$1.897M
$1.720M
10%
MEDIAN PRICE
$1.348K
$1.250M
8%
SAG HARBOR/NORTH HAVEN SALES VOLUME
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T I M DAV I S H AM PTO NS. CO M
QUOGUE VILLAGE/QUOGUE
3Q18
3Q17
% CHG (YR)
18
24
-25%
VOLUME
$32.222M
$44.699M
-28%
AVERAGE PRICE
$1.790M
$1.862M
-4%
MEDIAN PRICE
$1.285M
$1.528M
-16%
3Q18
3Q17
% CHG (YR)
67
70
-4%
VOLUME
$73.588M
$75.260M
-2%
AVERAGE PRICE
$1.098M
$1.075M
2%
MEDIAN PRICE
$835K
$709K
18%
SOUTHAMPTON VILLAGE
3Q18
3Q17
% CHG (YR)
24
24
0%
VOLUME
$91.944M
$127.346M
-28%
AVERAGE PRICE
$3.831M
$5.306M
-28%
MEDIAN PRICE
$1.650M
$2.425M
-32%
3Q18
3Q17
% CHG (YR)
23
29
-21%
VOLUME
$84.904M
$122.245M
-31%
AVERAGE PRICE
$3.691M
$4.215M
-12%
MEDIAN PRICE
$3.000M
$2.800M
7%
3Q18
3Q17
% CHG (YR)
12
17
-29%
VOLUME
$14.215M
$18.232M
-22%
AVERAGE PRICE
$1.185M
$1.072K
10%
MEDIAN PRICE
$1.053M
$807K
30%
3Q18
3Q17
% CHG (YR)
43
52
-17%
VOLUME
$54.292M
$73.292M
-26%
AVERAGE PRICE
$1.263M
$1.409M
-10%
MEDIAN PRICE
$970K
$978K
-1%
SALES
SOUTHAMPTON SALES
SALES
WATERMILL SALES
SHELTER ISLAND SALES
REMSENBURG/WESTHAMPTON SALES
TIMDAVI S H A M PTON S .COM
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SOUTH FORK SALES BY CATEGORY
East of the canal, the high-end was solid. Sales over $5M, from $3M to $5M, and from $2M to $3M all grew in market share. The middle of the market, $1M to $2M, was steady. As a result, the lower end of the market, under $1M, lost market share. West of the canal, the market under $500,000 lost significant market share, but the $500,000 to $1M market expanded notably. Sales at the high-end dropped, with market share over $2M slipping from 12% a year ago to 8% in Third Quarter 2018.
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T I M DAV I S H AM PTO NS. 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, these numbers may
SOUTH FORK SALES
3Q18
2Q17
% CHG (YR)
60
59
2%
$438.581M
$488.579M
-10%
exhibit more volatility than the market overall.
VOLUME
There were fewer closed sales reported over $10M
AVERAGE PRICE
$7.310M
$8.281M
-11%
MEDIAN PRICE
$5.450M
$5.660M
-3%
NORTH FORK
3Q18
2Q17
% CHG (YR)
14
15
-7%
VOLUME
$28.863M
$25.248M
14%
all over $1M this quarter, plus more were over $1.5M
AVERAGE PRICE
$2.062M
$1.683M
22%
in Third Quarter 2018.
MEDIAN PRICE
$1.888M
$1.140M
66%
on the South Fork. Therefore, luxury market sales volume and average price decreased 11% yearover-year. Median price dipped less, by 3%. The North Fork’s luxury market had improved statistics. Average price increased 22% and median price was up a significant 66%. The top 10% of sales were
SALES
7 BAYFIELD LANE WESTHAMPTON BEACH, NY WEB ID: 55649 | $5.5M IN CONTRACT
41 HERRICK ROAD SOUTHAMPTON, NY WEB ID: 39085 | $10.9M IN CONTRACT
OVERALL INVENTORY INVENTORY
Inventory is the total number of East End properties listed for sale at the end of a particular period. Third Quarter 2018 inventory was 5,997 listings, essentially level with available homes at this time last year. Inventory grew versus Second Quarter 2018 by 4%, although it is a common seasonal trend for inventory to increase in the third quarter versus second quarter.
TIMDAVI S H A M PTON 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.