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Hamptons Single-Family Home New Signed Contracts for September.
New signed contracts for the sale of single-family homes in the Hamptons were up 76 percent in September this year, according to the Elliman Report, continuing a surge in sales that began in June.
The number of homes entering contract last month was 267, compared to 152 in September 2019. On a month-to-month basis, September 2020 was nearly on par with the peak of 278 contract signings seen in August 2020.
New single-family home listings in September outnumbered signed contracts, so new inventory is replenishing the supply. There were 293 new listings put on the market, compared to just 92 the same month one year prior. That’s a 219 percent increase.
For the first five months of 2020, new listings outpaced new signed contracts each month. Then in June, July and August, contracts outpaced new listings, and inventory dwindled.
The Hamptons rental market was active like never before at the outset of the COVID-19 pandemic in March and April, as the East End became a refuge for people fleeing densely populated areas and wanting to ride out isolation comfortably. As the rental inventory dried up and it became clearer that measures to slow the spread of the pandemic would remain in effect for many months, the South Fork began to see an unprecedented sales boom that is still not showing any signs of slowing down.
As working from home has become the norm for many white-collar workers who formerly reported to Manhattan offices five days a week, suburban and second-home housing markets have benefited. The Elliman Report notes that new listings in the Hamptons have been rising quickly in response to the demand.
The price point with the most activity on the South Fork in September was between $1 million and $2 million. There were 97 new contracts, a 143 percent year-over-year increase for the month.
Meanwhile, on the North Fork, single-family home sales contracts for September were up 40 percent, from 40 to 56. New listings went up 39 percent, from 56 to 78.
The Long Island market, excluding the Twin Forks, had a 34 percent increase in signed contracts for single-family homes, from 2,232 to 2,990. New listings were up just 3 percent, but still outnumbered contracts. There were 3,579 new listings in September 2020.
At the same time in Manhattan, co-op contracts fell 33 percent, while listings were up 32 percent. There were 353 contracts compared to 1,030 new listings. Manhattan condo contracts were 52 percent lower, at 233, compared to 716 new listings — which were down 24 percent.
