Signed Contracts For Hamptons Homes Doubled In October - 27 East

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Signed Contracts For Hamptons Homes Doubled In October

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Hamptons home sales contract signings for October 2020.

Hamptons home sales contract signings for October 2020.

Brendan J. OReilly on Nov 5, 2020

New signed contracts for single-family home sales in the Hamptons doubled in October, compared to the same month a year earlier, demonstrating the continued heightened interest in the region among homebuyers.

According to the Elliman Report, 232 homes went into contract last month, a 102 percent year-over-year increase. At the same time, new home listings shot up 138 percent. However, the new listings were not enough to replace every house that went into contract. There were 209 new listings, which was 23 listings short of maintaining the same level of inventory.

There was just one contract inked in October for a home listed at less than $500,000, down from seven a year prior. Every other price point saw an increase.

Between $5 million and $9.99 million, things got quite busy. There were 22 contracts, a 267 percent increase.

Following the state’s effective shutdown of the Long Island real estate industry from late March to early June due to the coronavirus pandemic, the Hamptons market has taken off and remained at great heights ever since.

The number of new signed contracts peaked in August at 278. October was the fifth month in a row that the number of contracts exceeded 200.

On the North Fork, signings were up 152 percent in October, from 31 in 2019 to 78 in 2020. New listings numbered 67, a 40 percent year-over-year increase.

In Manhattan, the number of condo and co-op sales contracts were both down in October. Condo deals slid 28 percent and co-op deals ticked down 4 percent.

The Long Island market, excluding the North Fork and the Hamptons, saw single-family home sales contracts grow 23 percent. However, contracts for less than $300,000 were down while contracts for every price point above $300,000 were up. Deals inked for more than $1 million grew 73 percent, to 88.

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