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New signed contracts for single-family homes in the Hamptons in November. COURTESY DOUGLAS ELLIMAN
In November, 134 homebuyers signed contracts to purchase single-family homes in the Hamptons, a 28.7 percent decrease compared to the same month in 2020 but still considerably higher than November 2019, before the COVID-19 pandemic stimulated unprecedented demand on the South Fork. Comparing November 2019 to November 2021, inked deals are up 31.4 percent.
The number of deals last month exceeded the number of new listings that came on the market by 35.4 percent. There were just 99 new listings. That means housing inventory has become even tighter in an already tight market. The new inventory also skews more expensive, as six-figure homes are increasingly rare. While there were 30 new listings for under $1 million in November 2020, there were just 15 in November 2021.
Of the 134 new signed contracts last month, 30 were for less than $1 million, which is unchanged from November 2020 and just two less than November 2019.
Over $10 million, sales dropped from nine to five, and the number of new listings fell from 10 to seven.
The Elliman Report noted that November was the sixth month in a row that the count of new signed contracts in the Hamptons for single-family homes and condos has fallen on an annual basis. But during the same period, according to the report, a large drop in new listings has kept the supply unusually tight.
Meanwhile, the Manhattan market is continuing its pandemic recovery with deals for co-ops up 20.1 percent and deals for condos up 65.2 percent. On the North Fork, single-family home contracts are down 25 percent and new listings are down 60.7 percent.
The Long Island market, excluding the Hamptons and the North Fork, saw 1,950 contracts for single-family homes signed last month, a 12.8 percent decrease year-over-year. However, deals for more than $500,000 were up 4.6 percent. The total number of new listings was down 26 percent, from 2,365 to 1,751.
