New Signed Contracts For Hamptons Homes Up 43 Percent In January 2021

New signed sales contracts for single-family homes in the Hamptons numbered 149 in January, a 43 percent increase compared to the same month a year prior.

All of the growth is attributed to sales for seven figures or more. According to the Elliman Report, the number of homes entering contract for less than $1 million but more than $500,000 slipped by 55 percent year-over-year, from 49 to 22, while deals for less than $500,000 went from three to zero.

There had been an even split in January 2020 between contracts for homes listed at below $1 million and for those listed at above $1 million — 52 in each category. But in January 2021, there were just 22 contracts for below $1 million and 127 contracts for above $1 million. However, contracts for $20 million or more fell from three to zero.

The Elliman Report notes that contract activity for single-family homes has risen sharply each month on a year-over-year basis since June 2020. New listings put on the market also surged since June 2020, until this January. New listings numbered 130, a 14.5 percent slip.

On a month-to-month basis, contracts peaked in August and have declined since then, though January 2021 was about even with December 2020.

New listings peaked in September and had been declining monthly, until January 2021, when they surpassed the previous two months. Still, contracts outpaced new inventory, leading to tighter supply.

Meanwhile, the Long Island market, which excludes the Twin Forks, saw new signed contracts grow 3.5 percent year-over-year, all due to sales for more than $300,000. Simultaneously, new listings fell 30 percent across all price points combined.