Signed contracts for single-family homes in the Hamptons dwindled in March 2020 to just 48 as the COVID-19 pandemic emerged in New York State and shutdowns began, but one year later sales have not only bounced back, they have exceeded prepandemic numbers.
The number of newly inked deals was up 263 percent in March, year-over year, to 174, according to The Elliman Report. The price point that showed the most improvement was between $5 million and $9.99 million, where sales shot up 600 percent from four to 28. The busiest segment of the market was between $1 million and $1.99 million, where 53 deals were signed, a 342 percent increase.
The number of new listings that went on the market in March 2021 was 173; that means new listings have kept pace with sales, keeping the Hamptons home inventory stocked. However, the new stock is more expensive.
Deals for less than $1 million went from just nine to 32 as entry-level Hamptons homes are gobbled up and become harder to come by. While there were 33 new listings for under $1 million in March 2020, there were just 17 in March 2021.
Above $1 million, the number of new listings was up across all price points, except for the $20 million and higher range, where the number stayed at two.
The single-family home shoppers who saw their options grow in March are looking at homes for between $2 and $4.99 million, or between $10 million and $19.99 million. For everyone else, their options shrunk.
The other way to buy a place in the Hamptons for less than a million is to shop for condos, but they too are harder to find at that price. In March 2020, two condos entered contract and both were priced under $1 million, and in March 2021, six entered contract for under a million. Meanwhile, there were four new condo listings in March 2021, and just one was for less than a million.
The Elliman Report also shows the Manhattan real estate market trudge along on the road to recovery. The number of signed contracts for co-ops is up nearly 700 percent, year-over-year. Interestingly, there were no contracts for more than $4 million in March 2020, but 39 this March.
Though Manhattan sales have trended upward on a month-to-month basis for the past year, new inventory still greatly outpaces sales. Compared to 788 new signed contracts in March, there were 957 new listings.
The Long Island market, exclusive of the Hamptons and the North Fork, saw a 21 percent increase in contracts for single-family homes, from 2,161 to 2,611. All of the growth is attributed to homes listed for more than $400,000.
New listings, at 3,044, were about even with the previous March, but with higher prices. As with signed contracts, the demarcation was $400,000.
On the North Fork, where inventory has been incredibly low, contracts in March were actually down. After 56 contracts for single-family homes in 2020, there were just 38 this March, a 32 percent decrease. However, there is hope for North Fork homebuyers: There were 52 new listings in March, all for less than $4 million.
