Third Quarter 2018 | East End Market Report

Tim Davis

The Hamptons Luxury Market Leader

THIRD QUARTER 2018 EAST END MARKET REPORT

23 SHINNECOCK RD QUOGUE, NY Web ID: 105509 | $9.875M IN CONTRACT

3RD QUARTER REPORT 2018 Welcome to the Third Quarter 2018 Corcoran Report, our quarterly comparison of the East End’s residential real estate market. This report uses market-wide data from the Long Island Real Estate Report and is based

upon transactions reported from July through September 2018. It com-

pares data to that reported in the same period of 2017. For the purposes of the South Fork market comparison, this report contrasts the villages

and hamlets from Remsenburg to Montauk, plus Shelter Island, while the North Fork encompasses the area extending from Aquebogue to Orient.

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T I M DAV I S H AM PTO NS. CO M

122 AND 132 SOUTH MAIN STREET SOUTHAMPTON, NY WEB ID: 30287 | $15.875M IN CONTRACT

SOUTH FORK 594 Sales

ANNUAL CHANGE

1%

$1.072B

$1.805M

$992K

Volume

Average Price

Median Price

-3%

-4%

1%

TIMDAVI S H A M PTON S .COM

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SOUTH FORK The South Fork market was relatively flat during Third Quarter 2018. There was a slight 1% increase in reported sales versus Third Quarter 2017.

Average price dipped 4%, which in turn meant sales volume was down 3% year-over-year. However, median price increased 1%, signaling the steadiness of the market.

Reported sales increased in six submarkets, with the largest improvements in East Quogue/Hampton Bays (26%) and Amagansett (21%). While more areas saw a decline sales – seven – these were some of the smaller villages and hamlets, and none had a drop of more than nine reported sales.

Price statistics also improved in eight of 13 areas. The largest increase (119%) was seen in Montauk, where an oceanfront home was reported sold for over $20M after closing in June. Although even if this sale were excluded Montauk average price would still have been up significantly.

The second largest average price increase, 30%, was found in East Quogue/Hampton Bays, which was partially due to a Dune Road home closing. Average price declines of around 30% were seen in East Hampton Village and Southampton Village, which were two of the three highest average prices overall. While both villages had the same number of sales reported each quarter, the number of sales over $10M dipped, driving price statistics lower.

AMAGANSETT

3Q18

3Q17

% CHG (YR)

23

19

21%

VOLUME

$72.02M

$49.990M

44%

AVERAGE PRICE

$3.131M

$2.631M

19%

MEDIAN PRICE

$2.025M

$2.100M

-4%

3Q18

3Q17

% CHG (YR)

SALES

BRIDGEHAMPTON/SAGAPONACK SALES

30

32

-6%

$125.163M

$135.056M

-7%

AVERAGE PRICE

$4.172M

$4.220M

-1%

MEDIAN PRICE

$2.655M

$2.613M

2%

3Q18

3Q17

% CHG (YR)

126

117

8%

$167.409M

$144.838M

16%

AVERAGE PRICE

$1.329M

$1.238M

7%

MEDIAN PRICE

$928K

$905K

2%

EAST HAMPTON VILLAGE

3Q18

3Q17

% CHG (YR)

VOLUME

EAST HAMPTON SALES VOLUME

SALES

17

17

0%

VOLUME

$83.027M

$121.585M

-32%

AVERAGE PRICE

$4.884M

$7.152M

-32%

MEDIAN PRICE

$3.650M

$4.125M

-12%

3Q18

3Q17

% CHG (YR)

126

100

26%

$99.767M

$61.120M

63%

AVERAGE PRICE

$792K

$611K

30%

MEDIAN PRICE

$594K

$514K

16%

MONTAUK

3Q18

3Q17

% CHG (YR)

EAST QUOGUE/HAMPTON BAYS SALES VOLUME

SALES

21

28

-25%

VOLUME

$52.412M

$31.965M

-64%

AVERAGE PRICE

$2.496M

$1.142M

119%

MEDIAN PRICE

$1.235M

$968K

28%

3Q18

3Q17

% CHG (YR)

64

59

8%

$121.432M

$101.466M

20%

AVERAGE PRICE

$1.897M

$1.720M

10%

MEDIAN PRICE

$1.348K

$1.250M

8%

SAG HARBOR/NORTH HAVEN SALES VOLUME

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T I M DAV I S H AM PTO NS. CO M

QUOGUE VILLAGE/QUOGUE

3Q18

3Q17

% CHG (YR)

18

24

-25%

VOLUME

$32.222M

$44.699M

-28%

AVERAGE PRICE

$1.790M

$1.862M

-4%

MEDIAN PRICE

$1.285M

$1.528M

-16%

3Q18

3Q17

% CHG (YR)

67

70

-4%

VOLUME

$73.588M

$75.260M

-2%

AVERAGE PRICE

$1.098M

$1.075M

2%

MEDIAN PRICE

$835K

$709K

18%

SOUTHAMPTON VILLAGE

3Q18

3Q17

% CHG (YR)

24

24

0%

VOLUME

$91.944M

$127.346M

-28%

AVERAGE PRICE

$3.831M

$5.306M

-28%

MEDIAN PRICE

$1.650M

$2.425M

-32%

3Q18

3Q17

% CHG (YR)

23

29

-21%

VOLUME

$84.904M

$122.245M

-31%

AVERAGE PRICE

$3.691M

$4.215M

-12%

MEDIAN PRICE

$3.000M

$2.800M

7%

3Q18

3Q17

% CHG (YR)

12

17

-29%

VOLUME

$14.215M

$18.232M

-22%

AVERAGE PRICE

$1.185M

$1.072K

10%

MEDIAN PRICE

$1.053M

$807K

30%

3Q18

3Q17

% CHG (YR)

43

52

-17%

VOLUME

$54.292M

$73.292M

-26%

AVERAGE PRICE

$1.263M

$1.409M

-10%

MEDIAN PRICE

$970K

$978K

-1%

SALES

SOUTHAMPTON SALES

SALES

WATERMILL SALES

SHELTER ISLAND SALES

REMSENBURG/WESTHAMPTON SALES

TIMDAVI S H A M PTON S .COM

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SOUTH FORK SALES BY CATEGORY

East of the canal, the high-end was solid. Sales over $5M, from $3M to $5M, and from $2M to $3M all grew in market share. The middle of the market, $1M to $2M, was steady. As a result, the lower end of the market, under $1M, lost market share.

West of the canal, the market under $500,000 lost significant market share, but the $500,000 to $1M market expanded notably.

Sales at the high-end dropped, with market share over $2M slipping from 12% a year ago to 8% in Third Quarter 2018.

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T I M DAV I S H AM PTO NS. CO M

LUXURY MARKET The luxury market is defined as the top 10% of all residential sales made within the period being reported. As various factors redefine the high-end market in any given period, these numbers may

SOUTH FORK SALES

3Q18

2Q17

% CHG (YR)

60

59

2%

$438.581M

$488.579M

-10%

exhibit more volatility than the market overall.

VOLUME

There were fewer closed sales reported over $10M

AVERAGE PRICE

$7.310M

$8.281M

-11%

MEDIAN PRICE

$5.450M

$5.660M

-3%

NORTH FORK

3Q18

2Q17

% CHG (YR)

14

15

-7%

VOLUME

$28.863M

$25.248M

14%

all over $1M this quarter, plus more were over $1.5M

AVERAGE PRICE

$2.062M

$1.683M

22%

in Third Quarter 2018.

MEDIAN PRICE

$1.888M

$1.140M

66%

on the South Fork. Therefore, luxury market sales volume and average price decreased 11% yearover-year. Median price dipped less, by 3%.

The North Fork’s luxury market had improved statistics. Average price increased 22% and median price was up a significant 66%. The top 10% of sales were

SALES

7 BAYFIELD LANE WESTHAMPTON BEACH, NY WEB ID: 55649 | $5.5M IN CONTRACT

41 HERRICK ROAD SOUTHAMPTON, NY WEB ID: 39085 | $10.9M IN CONTRACT

OVERALL INVENTORY INVENTORY

Inventory is the total number of East End properties listed for sale at the end of a particular period. Third Quarter 2018 inventory was 5,997 listings, essentially level with available homes at this time last year. Inventory grew versus Second Quarter 2018 by 4%, although it is a common seasonal trend for inventory to increase in the third quarter versus second quarter.

TIMDAVI S H A M PTON S .COM

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Tim Davis

The Hamptons Luxury Market Leader

T IM D AV ISHAMPTONS.COM

Real estate agents affiliated with The Corcoran Group are independent contractors and are not employees of The Corcoran Group. The Corcoran Group is a licensed real estate broker located at 1936 Montauk Highway, Bridgehampton, NY 11932. All material presented herein is intended for information purposes only and has been compiled from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal notice.