It was a crazy year on too many levels to count when it comes to real estate on the East End. For the first time in decades, we saw well known brokers and salespersons running out of inventory as they all went into contract or straight to closing. Looking at statistics from both The Elliman Report, prepared by Miller Samuel Real Estate Appraisers, and Hamptons Market Data, there are some surprising trends on deck.
According to The Elliman Report, “New signed contracts have shown robust growth since reaching prior-year levels last June. The gains were significantly larger this month since the year-ago results were at the beginning of the pandemic era.”
The report details new signed contracts for the region. The biggest growth was in the $5M to $9.9M price-point with an eye-popping growth of 600 percent followed by the $1M to $1.99M homes at 341.7 percent growth.
However, there is a dose of reality setting in. According to Hamptons Market Report, “In true Hamptons style, we’re keeping things hot as they begin to cool off. Comparing 2021 to 2020 is not going to be entirely relevant from here on out due to the impact of Covid-19 on the Hamptons market in 2020. The median sold price of $1.975M, a +41% improvement year over year is worth noting however, as increased pricing is the highlight of the Q1 2021 Hamptons story.”
For the first time since October 2020, new listings are outpacing signed contracts. They continued, “List prices should begin to cool in response if the trend continues.”
