New Contracts For Hamptons Home Sales Down 49 Percent In September

Newly inked deals for single-family home purchases on the South Fork were down 48.7 percent in September, compared to the same month a year prior, when home sales contracts were still at great heights amid a post-lockdown fervor.

According to The Elliman Report, 137 contracts were signed in the Hamptons last month, and 152 single-family homes went on the market. The number of new listings added was down 48.1 percent.

Home sales for less than $1 million were a rare find, falling from 64 in September 2020 to just 17 in September 2021, a 73.4 percent drop. Though the number of deals was down at all price points below $10 million, above that price there were six deals, up from five. And while the number of new listings was down at all price points below $20 million, there were eight new listings for more than $20 million, compared to seven the previous September.

The Elliman Report states that comparisons to last year’s post-lockdown boom have distorted trends and that new inventory is unable to keep up with demand, thus restraining sales. The 137 contracts signed in September 2021 is also below the September 2019 count of 152.

Meanwhile, the North Fork saw 25 percent fewer deals in September 2021 compared to September 2020, from 56 down to 42. The Long Island market, excluding the East End, saw 31.1 percent fewer contracts signed, dipping from 2,990 to 2,061.

In Manhattan, the story is the exact opposite. Condo deals rose 76 percent, one-to-three-family home deals spiked 357.1 percent and co-op deals were up 2.5 percent.