Second Quarter 2018 | East End Market Report

Tim Davis

The Hamptons Luxury Market Leader

SECOND QUARTER 2018 EAST END MARKET REPORT

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

2ND QUARTER REPORT 2018 Welcome to the Second 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 April through June 2018. It compares 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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TI M DAV I S H AM PTO N S. CO M

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

SOUTH FORK

ANNUAL CHANGE

544

$1.127B

$2.071M

$1.031M

Sales

Volume

Average Price

Median Price

2%

15%

13%

4%

TIMDAVIS HA MPTON S .COM

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SOUTH FORK Second Quarter 2018 saw a slight 2% increase in reported sales versus Second Quarter 2017. Sales volume, however, increased strongly, rising 15% year-over-year. More large, high-end homes sold, driving sales volume up as well as average price, which increased 13%. Median price exhibited a more moderate increase of 4% as high-priced sales tend to skew this statistic less.

Reported sales increased in seven submarkets, with the largest improvements in Southampton (24%), Water Mill (50%) and East Hampton Village (58%). Price statistics also improved in a majority of areas. Several saw massive increases in average price of over 50%: East Hampton, Bridgehampton/Sagaponack and Amagansett all had notable increases in sales over $5M, skewing their averages up. However, the opposite occurred in Southampton Village, with fewer high-end sales causing average price to dip 38%. The steadiest market was East Quogue/Hampton Bays, where the number of sales, volume and average price were nearly unchanged.

Median price, however, dropped 9% as the number of sales over $600k fell, but a deal over $5M kept the average price from changing.

AMAGANSETT

2Q18

2Q17

% CHG (YR)

16

19

-16%

VOLUME

$47.96M

$37.12M

29%

AVERAGE PRICE

$2.998M

$1.954M

53%

MEDIAN PRICE

$2.025M

$1.6M

27%

2Q18

2Q17

% CHG (YR)

23

21

10%

$101.462M

$59.728M

70%

AVERAGE PRICE

$4.411M

$2.844M

55%

MEDIAN PRICE

$2.7M

$2M

35%

EAST HAMPTON

2Q18

2Q17

% CHG (YR)

111

121

-8%

SALES

BRIDGEHAMPTON/SAGAPONACK SALES VOLUME

SALES VOLUME

$206.568M

$139.134M

48%

AVERAGE PRICE

$1.861M

$1.15M

62%

MEDIAN PRICE

$975K

$849K

15%

EAST HAMPTON VILLAGE

2Q18

2Q17

% CHG (YR)

19

12

58%

$141.17M

$68.855M

105%

AVERAGE PRICE

$7.43M

$5.738M

29%

MEDIAN PRICE

$7M

$3.973M

76%

2Q18

2Q17

% CHG (YR)

93

92

1%

SALES VOLUME

EAST QUOGUE/HAMPTON BAYS SALES VOLUME

$55.956M

$54.358M

3%

AVERAGE PRICE

$602K

$591K

2%

MEDIAN PRICE

$470K

$515K

-9%

MONTAUK

2Q18

2Q17

% CHG (YR)

23

27

-15%

VOLUME

$44.548M

$46.987M

-5%

AVERAGE PRICE

$1.937M

$1.74M

11%

MEDIAN PRICE

$1.3M

$1.1M

18%

SAG HARBOR/NORTH HAVEN

2Q18

2Q17

% CHG (YR)

53

56

-5%

SALES

SALES VOLUME

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TI M DAV I S H AM PTO N S. CO M

$89.022M

$111.597M

-20%

AVERAGE PRICE

$1.68M

$1.993M

-16%

MEDIAN PRICE

$995K

$1.422M

-30%

QUOGUE VILLAGE/QUOGUE SALES

2Q18

2Q17

% CHG (YR)

18

17

6%

VOLUME

$49.654M

$35.51M

40%

AVERAGE PRICE

$2.759M

$2.089M

32%

MEDIAN PRICE

$1.588M

$1.4M

13%

2Q18

2Q17

% CHG (YR)

61

49

24%

VOLUME

$83.707M

$71.532M

17%

AVERAGE PRICE

$1.372M

$1.46M

-6%

MEDIAN PRICE

$985K

$992K

-1%

SOUTHAMPTON VILLAGE

2Q18

2Q17

% CHG (YR)

SOUTHAMPTON SALES

SALES

26

29

-10%

VOLUME

$87.215M

$157.92M

-45%

AVERAGE PRICE

$3.354M

$5.446M

-38%

MEDIAN PRICE

$1.781M

$2.8M

-36%

2Q18

2Q17

% CHG (YR)

36

24

50%

$142.031M

$116.354M

22%

AVERAGE PRICE

$3.945M

$4.848M

-19%

MEDIAN PRICE

$2.913M

$3.725M

-22%

2Q18

2Q17

% CHG (YR)

WATERMILL SALES VOLUME

SHELTER ISLAND SALES

16

23

-30%

$14.724M

$21.584M

-32%

AVERAGE PRICE

$920K

$938K

-2%

MEDIAN PRICE

$850K

$750K

13%

REMSENBURG/WESTHAMPTON

2Q18

2Q17

% CHG (YR)

49

44

11%

$62.715M

$56.013M

12%

AVERAGE PRICE

$1.28M

$1.273M

1%

MEDIAN PRICE

$899K

$819K

10%

VOLUME

SALES VOLUME

TIMDAVIS HA MPTON S .COM

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SOUTH FORK SALES BY CATEGORY

East of the canal, the high-end was strong. Sales over $5M grew to 13% of the market this quarter, up from 8% last year. The market share of sales from $3M to $5M and $1M to $2M both shrank 2%.

West of the canal, the higher-end was steady, with market share over $2M minimally changed. The $1M to $2M price category had a noticeable growth from 12% to 16% of the market.

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TI M DAV I S H AM PTO N S. 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 exhibit more volatility than the market overall.

It was a better quarter for luxury on the South Fork as compared to a year ago. Average price was up 17% and median price was up 18%. A notable pickup in sales reported over $5M meant that the mini-

SOUTH FORK

2Q18

2Q17

% CHG (YR)

54

53

2%

$492.604M

$414.344M

19%

AVERAGE PRICE

$9.122M

$7.818M

17%

MEDIAN PRICE

$7.075M

$6M

18%

NORTH FORK

2Q18

2Q17

% CHG (YR)

14

13

8%

SALES VOLUME

mum price to be in top 10% this quarter was $4.9M,

SALES

whereas last year the luxury threshold was $3.8M.

VOLUME

$26.01M

$35.02M

-26%

AVERAGE PRICE

$1.858M

$2.694M

-31%

MEDIAN PRICE

$1.544M

$1.875M

-18%

On the North Fork, the luxury market did not fare as well. Average price decreased 31% and median price decreased 18%. Fewer deals over $2M this quarter drove these statistics lower.

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. Second Quarter 2018 inventory was 5,767 listings, 4% below the last year’s level. However, versus First Quarter 2018 inventory increased, which represented the first quarter-over-quarter increase since Third Quarter 2016.

TIMDAVIS HA MPTON 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.