Listing supply in the Hamptons has been steadily rising in recent months. But homes are still selling faster than ever.
Supply in the Hamptons housing market increased for the fifth straight month in August, Behind the Hedges reported. The data comes courtesy of Hamptons Market Data founder and Compass agent Adrianna Nava.
There were 720 homes on the market at the start of September, according to the report. That’s only 3 percent fewer than a year ago, after which total listings dropped precipitously.
Even with more homes available than there were in the spring, however, the amount of time they are taking to sell is falling. The median number of days on the market for closed listings last month was 111, an all-time low.
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There were 48 total sales in August, a 40 percent drop year-over-year. Additionally, signed contracts fell 46 percent year-over-year, though they increased 23 percent from the previous month.
Perhaps because homes are moving quickly, buyers are asking a bundle from the outset. The median new list price last month was nearly $3 million. While that is historically high, it is 8 percent below the figure from a year ago, when mortgage rates were half what they are now.
Buyers are generally not paying the sticker price for Hamptons purchases, which is typical for luxury residences. The median last asking price last month was roughly $2.6 million, but the median sale price was about $2.2 million.
The listing discount of 2.3 percent followed two months of a median zero percent discount on closed listings, suggesting buyers are not falling for aspirational prices.
That tracks with the larger market picture across the country. Purchase sentiment still favors sellers strongly, but buyers are more hesitant than they were when prices were rising by nearly 2 percent each month and borrowing rates were under 3 percent.
— Holden Walter-Warner