2020 has been an exciting year for real estate and I wanted to share the Hamptons Real Estate Market Report I put together. As I move forward with my plans into 2021, I also took some time to reflect on the Hamptons Real Estate Market in 2020. This year I had more clients expressing their uncertainty in the markets as I fielded many questions about the real estate market in the Hamptons especially West of the Canal (Remsenburg to Hampton Bays). I’m kicking off 2021 with the intention to share Real Estate Market data, specifically West of the Canal as I believe there is tremendous value here with a lot of room for growth and opportunity (as you will see from the numbers below).
I have watched an influx of buyers enter the Hamptons market with the intention to relocate permanently. Working from home has become acceptable across several industries and the way people live and work has changed. The Hamptons is now a “year-round community”. Low-interest rates continue to fuel buyer demand and the Federal Reserve continues to print stimulus which in turn make real estate an attractive option as a hedge against inflation.
In just three months, from October to December, people snapped up an eye-popping $2.159 billion worth of property on the East End, with the sale of just 844 homes. According to Realtor Magazine, “Three second-home markets ranked among the top five overall luxury markets with the largest increases in listing views in May—Suffolk County, N.Y., home to The Hamptons; Palm Springs in Riverside County, Calif.; and Greenwich in Fairfield County, Conn. Online views of luxury properties jumped 56% in The Hamptons, 28% in Palm Springs, and by 24% in Greenwich compared to January, prior to the pandemic, realtor.com® reports.”
I suspect a strong 2021 Hamptons Real Estate Market. I anticipate low inventory making an excellent seller’s market but am also cautious as there are a lot of uncertainties in the global markets. I will continue to provide a market snapshot on a monthly basis to share where the market is headed. Please feel free to contact me if you have any questions in regards to the value of your home.
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West of the Canal Real Estate Market Report
Below is market data for Single Family Homes from Remsenburg to Hampton Bays:
East Quogue, NY Real Estate Market Report
New Listings: 7
Total Listings: 35
Closed Listings: 15
Absorption Time: +2.3 Months
Average Selling Price: $1,886,466
Median Selling Price: $1,200,000
Average Original Listing Price: $2,005,593
Median Original Listing Price: $1,299,999
Year to Year Comparison
Active Listings: -40.68%
# Contracts: +66.67%
# Closed: +114.29%
Absorption Time: +200%
Average Sold Price: +121.23%
Median Sold Price: +46.89%
Notable Transactions:
59 Dune Rd, East Quogue, NY
Listed for $13,999,000
Sold for $12,625,000
8 Bedroom | 9 Bath |Acres: 3.92
Days On Market: 251
18 Henrys Hollow Court, East Quogue, NY
Listed for $2,150,000
Sold for $2,000,000
6 Bedroom | 5 Bath |Acres: 1.38
Days On Market: 33
162 Chardonnay Drive, East Quogue, NY
Listed for $1,895,000
Sold for $1,775,000
4 Bedroom | 4 Bath |Acres: 1
Days On Market: 362
Hampton Bays, NY Real Estate Market Report
New Listings: 10
Total Listings: 59
Closed Listings: 33
Absorption Time: +2.3 Month
Average Selling Price: $716,872
Median Selling Price: $683,400
Average Original Listing Price: $781,799
Median Original Listing Price: $749,000
Year to Year Comparison
Active Listings: –47.79%
# Contracts: +188.89%
# Closed: +153.85%
Absorption Time: +472.88%
Average Sold Price: +39.60%
Median Sold Price: +45.44%
Notable Transactions
31 Nautilus Drive, Hampton Bays, NY
Listed for $1,499,000
Sold for $1,400,000
4 Bedroom | 4 Bath |Acres: .50
Days On Market: 91
20 Bay Drive, Hampton Bays, NY
Listed for $1,295,000
Sold for $1,200,000
4 Bedroom | 3 Bath |Acres: .46
Days On Market: 21
99 Squiretown Road, Hampton Bays, NY
Listed for $1,299,999
Sold for $1,150,000
3 Bedroom | 4 Bath |Acres: 2.7
Days On Market: 35
Quogue, NY Real Estate Market Report
New Listings: 3
Total Listings: 34
Closed Listings: 11
Absorption Time: +5.7 Months
Average Selling Price: $5,595,715
Median Selling Price: $3,100,000
Average Original Listing Price: $6,030,136
Median Original Listing Price: $3,495,000
Year to Year Comparison
Active Listings: -41.38%
# Contracts: +100%
# Closed: +57.14%
Absorption Time: +235.29%
Average Sold Price: +167.81%
Median Sold Price: +45.93%
Notable Transactions
124 Dune Road Quogue, NY
Listed for $21,000,000
Sold for $22,500,000
9 Bedroom | 11 Bath |Acres: 2.90
Days On Market: 39
39 Meadow Lane, Quogue, NY
Listed for $10,900,000
Sold for $9,000,000
5 Bedroom | 5 Bath |Acres: 2.90
Days On Market: 278
204 Dune Road, Quogue, NY
Listed for $1,895,000
Sold for $6,996,667
5 Bedroom | 7 Bath |Acres: 1.48
Days On Market: 172
Remsenburg, NY Real Estate Market Report
New Listings: 8
Total Listings: 25
Closed Listings: 8
Absorption Time: +25 Months
Average Selling Price: $1,448,125
Median Selling Price: $1,450,000
Average Original Listing Price: $1,747,249
Median Original Listing Price: $1,499,500
Year to Year Comparison
Active Listings: -35.90%
# Contracts: -66.67%
# Closed: +14.29%
Absorption Time: -48%
Average Sold Price: +41.70%
Median Sold Price: +19.96%
Notable Transactions
38 Remsen Lane, Remsenburg, NY
Listed for $4,999,995
Sold for $2,935,000
5 Bedroom | 5 Bath |Acres: .85
Days On Market: 719
3 Pheasant Lane, Remsenburg, NY
Listed for $1,650,000
Sold for $1,775,000
4 Bedroom | 3 Bath |Acres: .92
Days On Market: 14
20 Wisteria Drive, Remsenburg, NY
Listed for $1,795,000
Sold for $1,695,000
6 Bedroom | 5 Bath |Acres: .85
Days On Market: 381
Westhampton, NY Real Estate Market Report
New Listings: 7
Total Listings: 30
Closed Listings: 9
Absorption Time: +4.3 Months
Average Selling Price: $1,572,666
Median Selling Price: $1,425,000
Average Original Listing Price: $1,768,111
Median Original Listing Price: $1,595,000
Year to Year Comparison
Active Listings: -23.08%
# Contracts: +40%
# Closed: +200%
Absorption Time: +86.67%
Average Sold Price: -15.26%
Median Sold Price: -27.50%
Notable Transactons
28 Jagger Lane, Westhampton, NY
Listed for $2,850,000
Sold for $2,495,000
7 Bedroom | 7 Bath |Acres: 1.20
Days On Market: 185
154 South Road, Westhampton, NY
Listed for $1,799,000
Sold for $1,650,000
5 Bedroom | 4 Bath |Acres: .91
Days On Market: 38
126 Montauk Highway, Westhampton, NY
Listed for $1,595,000
Sold for $1,425,000
5 Bedroom | 4 Bath |Acres: 2.24
Days On Market: 49
Westhampton Beach, NY Real Estate Market Report
New Listings: 7
Total Listings: 49
Closed Listings: 9
Absorption Time: +6.1 Months
Average Selling Price: $2,252,833
Median Selling Price: $1,900,000
Average Original Listing Price: $2,453,111
Median Original Listing Price: $2,250,000
Year to Year Comparison
Active Listings: -20.97%
# Contracts: +33.33%
# Closed: 0%
Absorption Time: +63.27%
Average Sold Price: +103.12%
Median Sold Price: +91.49%
Notable Transactions
20 Cove Lane, Westhampton Beach, NY
Listed for $5,950,000
Sold for $5,800,000
6 Bedroom |7 Bath |Acres: .56
Days On Market: 201
223 Dune Road, Westhampton Beach, NY
Listed for $6,195,000
Sold for $5,550,000
5 Bedroom |6 Bath |Acres: .91
Days On Market: 1157
60 Franklin Ave, Westhampton Beach, NY
Listed for $2,599,000
Sold for $2,750,000
5 Bedroom |4 Bath |Acres: 1.22
Days On Market: 24
