We are pleased to present our First Quarter 2023 Hamptons Market Report
After steadily rising to record high levels for the last 4 years, the Average and Median Sales Prices in the Hamptons both declined during 1Q23. The number of transactions declined for the second year in a row – clearly signaling a slowdown in the Hamptons real estate market.
Traditionally, fewer sales and lower prices would indicate a shift from a seller’s market to a buyer’s market, but this is not the case in the Hamptons today.. The third required element of a buyer’s market – a surplus of available homes – is absent. In fact, the inventory level of homes on the East End is still at near record-low numbers and is the major local factor impacting the rate of home sales today.
With fewer homes for sale, today’s buyers are willing to spend more time searching for the right home at the right price, no longer willing to pay a premium for expediency as we witnessed during the previous two years. Likewise, serious sellers are coming to terms with the fact that ‘Pandemic pricing’ is over and listing prices are being adjusted accordingly.
