Tim Davis
The Hamptons Luxury Market Leader
SECOND QUARTER 2018 EAST END MARKET REPORT
23 SHINNECOCK RD QUOGUE, NY Web ID: 105509 | $9.875M IN CONTRACT
2ND QUARTER REPORT 2018 Welcome to the Second 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 April through June 2018. It compares 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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TI M DAV I S H AM PTO N S. CO M
122 AND 132 SOUTH MAIN STREET SOUTHAMPTON, NY WEB ID: 30287 | $15.875M IN CONTRACT
SOUTH FORK
ANNUAL CHANGE
544
$1.127B
$2.071M
$1.031M
Sales
Volume
Average Price
Median Price
2%
15%
13%
4%
TIMDAVIS HA MPTON S .COM
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SOUTH FORK Second Quarter 2018 saw a slight 2% increase in reported sales versus Second Quarter 2017. Sales volume, however, increased strongly, rising 15% year-over-year. More large, high-end homes sold, driving sales volume up as well as average price, which increased 13%. Median price exhibited a more moderate increase of 4% as high-priced sales tend to skew this statistic less. Reported sales increased in seven submarkets, with the largest improvements in Southampton (24%), Water Mill (50%) and East Hampton Village (58%). Price statistics also improved in a majority of areas. Several saw massive increases in average price of over 50%: East Hampton, Bridgehampton/Sagaponack and Amagansett all had notable increases in sales over $5M, skewing their averages up. However, the opposite occurred in Southampton Village, with fewer high-end sales causing average price to dip 38%. The steadiest market was East Quogue/Hampton Bays, where the number of sales, volume and average price were nearly unchanged. Median price, however, dropped 9% as the number of sales over $600k fell, but a deal over $5M kept the average price from changing.
AMAGANSETT
2Q18
2Q17
% CHG (YR)
16
19
-16%
VOLUME
$47.96M
$37.12M
29%
AVERAGE PRICE
$2.998M
$1.954M
53%
MEDIAN PRICE
$2.025M
$1.6M
27%
2Q18
2Q17
% CHG (YR)
23
21
10%
$101.462M
$59.728M
70%
AVERAGE PRICE
$4.411M
$2.844M
55%
MEDIAN PRICE
$2.7M
$2M
35%
EAST HAMPTON
2Q18
2Q17
% CHG (YR)
111
121
-8%
SALES
BRIDGEHAMPTON/SAGAPONACK SALES VOLUME
SALES VOLUME
$206.568M
$139.134M
48%
AVERAGE PRICE
$1.861M
$1.15M
62%
MEDIAN PRICE
$975K
$849K
15%
EAST HAMPTON VILLAGE
2Q18
2Q17
% CHG (YR)
19
12
58%
$141.17M
$68.855M
105%
AVERAGE PRICE
$7.43M
$5.738M
29%
MEDIAN PRICE
$7M
$3.973M
76%
2Q18
2Q17
% CHG (YR)
93
92
1%
SALES VOLUME
EAST QUOGUE/HAMPTON BAYS SALES VOLUME
$55.956M
$54.358M
3%
AVERAGE PRICE
$602K
$591K
2%
MEDIAN PRICE
$470K
$515K
-9%
MONTAUK
2Q18
2Q17
% CHG (YR)
23
27
-15%
VOLUME
$44.548M
$46.987M
-5%
AVERAGE PRICE
$1.937M
$1.74M
11%
MEDIAN PRICE
$1.3M
$1.1M
18%
SAG HARBOR/NORTH HAVEN
2Q18
2Q17
% CHG (YR)
53
56
-5%
SALES
SALES VOLUME
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TI M DAV I S H AM PTO N S. CO M
$89.022M
$111.597M
-20%
AVERAGE PRICE
$1.68M
$1.993M
-16%
MEDIAN PRICE
$995K
$1.422M
-30%
QUOGUE VILLAGE/QUOGUE SALES
2Q18
2Q17
% CHG (YR)
18
17
6%
VOLUME
$49.654M
$35.51M
40%
AVERAGE PRICE
$2.759M
$2.089M
32%
MEDIAN PRICE
$1.588M
$1.4M
13%
2Q18
2Q17
% CHG (YR)
61
49
24%
VOLUME
$83.707M
$71.532M
17%
AVERAGE PRICE
$1.372M
$1.46M
-6%
MEDIAN PRICE
$985K
$992K
-1%
SOUTHAMPTON VILLAGE
2Q18
2Q17
% CHG (YR)
SOUTHAMPTON SALES
SALES
26
29
-10%
VOLUME
$87.215M
$157.92M
-45%
AVERAGE PRICE
$3.354M
$5.446M
-38%
MEDIAN PRICE
$1.781M
$2.8M
-36%
2Q18
2Q17
% CHG (YR)
36
24
50%
$142.031M
$116.354M
22%
AVERAGE PRICE
$3.945M
$4.848M
-19%
MEDIAN PRICE
$2.913M
$3.725M
-22%
2Q18
2Q17
% CHG (YR)
WATERMILL SALES VOLUME
SHELTER ISLAND SALES
16
23
-30%
$14.724M
$21.584M
-32%
AVERAGE PRICE
$920K
$938K
-2%
MEDIAN PRICE
$850K
$750K
13%
REMSENBURG/WESTHAMPTON
2Q18
2Q17
% CHG (YR)
49
44
11%
$62.715M
$56.013M
12%
AVERAGE PRICE
$1.28M
$1.273M
1%
MEDIAN PRICE
$899K
$819K
10%
VOLUME
SALES VOLUME
TIMDAVIS HA MPTON S .COM
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SOUTH FORK SALES BY CATEGORY
East of the canal, the high-end was strong. Sales over $5M grew to 13% of the market this quarter, up from 8% last year. The market share of sales from $3M to $5M and $1M to $2M both shrank 2%. West of the canal, the higher-end was steady, with market share over $2M minimally changed. The $1M to $2M price category had a noticeable growth from 12% to 16% of the market.
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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, these numbers may exhibit more volatility than the market overall. It was a better quarter for luxury on the South Fork as compared to a year ago. Average price was up 17% and median price was up 18%. A notable pickup in sales reported over $5M meant that the mini-
SOUTH FORK
2Q18
2Q17
% CHG (YR)
54
53
2%
$492.604M
$414.344M
19%
AVERAGE PRICE
$9.122M
$7.818M
17%
MEDIAN PRICE
$7.075M
$6M
18%
NORTH FORK
2Q18
2Q17
% CHG (YR)
14
13
8%
SALES VOLUME
mum price to be in top 10% this quarter was $4.9M,
SALES
whereas last year the luxury threshold was $3.8M.
VOLUME
$26.01M
$35.02M
-26%
AVERAGE PRICE
$1.858M
$2.694M
-31%
MEDIAN PRICE
$1.544M
$1.875M
-18%
On the North Fork, the luxury market did not fare as well. Average price decreased 31% and median price decreased 18%. Fewer deals over $2M this quarter drove these statistics lower.
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. Second Quarter 2018 inventory was 5,767 listings, 4% below the last year’s level. However, versus First Quarter 2018 inventory increased, which represented the first quarter-over-quarter increase since Third Quarter 2016.
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.