In the past week, the Hamptons real estate market experienced a decline in the number of contracts and the dollar volume. There were a total of 17 listings that went into contract from Westhampton to Montauk, which is a decrease of 11% compared to the same week last year. The decline is even more significant when compared to 2021, with a decrease of 60%.
The 17 transactions can be broken down into different price ranges. There were 3 transactions between $4 and $6 million, 6 transactions between $2 and $3 million, 8 transactions between $1 and $2 million, and 1 transaction under $1 million. These figures provide a glimpse into the current state of the market in terms of price points.
In terms of dollar volume, the past week recorded a total of $39 million. This is a decrease of 44% compared to the same week last year, where the dollar volume stood at $70 million. Similarly, compared to 2021, the decrease in dollar volume is even more significant at 73%.
The week also saw 16 new listings being added to the market. With 17 listings going into contract, this resulted in a decrease of 1 listing in the overall inventory. The new listings varied in price, with 1 listing between $10 and $20 million, 3 listings between $5 and $10 million, 1 listing between $3 and $5 million, 6 listings between $2 and $3 million, 4 listings between $1 and $2 million, and 1 listing under $1 million.
As of November 21, 2023, the total inventory in the Hamptons real estate market stands at 1,870 listings, including both active and in-contract listings. Of these, 1,459 listings are active, while 411 listings are in contract.
These market updates are based on data provided by the East End Long Island listing system.
Frequently Asked Questions (FAQ)
1. How does the number of listings going into contract in 2023 compare to last year?
In 2023, there were 17 listings that went into contract, which is a decrease of 11% compared to the same week in 2022.
2. How does the dollar volume in the Hamptons real estate market in 2023 compare to last year?
The dollar volume in 2023 was $39 million, which represents a decrease of 44% compared to the same week in 2022.
3. How does the current Hamptons real estate market compare to 2021?
When compared to the same week in 2021, the number of listings going into contract in 2023 decreased by 60%, while the dollar volume saw a decrease of 73%.
4. How many new listings were added to the market in the past week?
In the past week, there were 16 new listings added to the Hamptons real estate market.
5. What is the current inventory in the Hamptons real estate market?
As of November 21, 2023, the total inventory in the Hamptons real estate market is 1,870 listings, including both active and in-contract listings.