Homes on Long Island’s East End are snagging deals, but very few are replacing them in the market.
New signed contracts rose from July to August in the Hamptons and the North Fork, while new listings declined, according to Miller Samuel’s monthly report for Douglas Elliman.
Constrained supply “is really challenging the purchasing market,” report author Jonathan Miller said, citing high mortgage rates as “keeping people from listing.”
In the Hamptons, new signed contracts increased 20 percent month-over-month, marking the second monthly increase in a row. New listings fell for the third consecutive month, down 2 percent from July to August.
“Even with expansion of sales activity, inventory is still shrinking,” Miller said.
On the North Fork, new signed contracts rose for the second month in a row, up 10 percent from July. New listings dropped 11 percent, the second decrease in three months.
Contract activity is expanding monthly in the Hamptons, but new signed contracts declined 21 percent annually, down from 90 in August 2022 to 71 last month.
The number of homes hitting the market has also been decreasing for 11 of the past 12 months. New listings in the Hamptons dropped 13 percent from last August, down to 127 from 146.
New listings for homes priced at $5 million or more declined 41 percent year-over-year in the Hamptons in what Miller called an unusually large decrease considering the state of the market.
“August is the low season for new inventory,” Miller said. “Typically, you would expect the higher end to build up faster when the market slows.”
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On the North Fork, new signed contracts for single-family homes rose 65 percent year-over-year, up from 20 to 33. New signed contracts for single-family homes priced between $500,000 and $1 million more than doubled from last August.
New listings on the North Fork also rose annually, though at a much slower pace.
“North Fork is one of the few markets that is now starting to see a positive growth in new signed contracts,” Miller said. “[Contract activity] is far outpacing the growth in new listings.”