First Quarter 2018 | East End Market Report

Tim Davis

The Hamptons Luxury Market Leader

FIRST QUARTER 2018 EAST END MARKET REPORT

DICK CAVETT’S MONTAUK HOME Web ID: 54557 | $62M

1ST QUARTER REPORT 2018 Welcome to the First 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 January through March 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.

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

SOUTHAMPTON ESTATE Web ID: 53026 | $29.5M

SOUTH FORK

TIMDAVIS HA MPTON S .COM

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East End Corcoran Report

1Q | 2018

South Fork

SOUTH FORK It was a mixed quarter for the South Fork/Hamptons market with a decline in closed sales and rising prices. However, contrary to the downward sales trend this quarter, the Bridgehampton/Sagaponack areas enjoyed robust sales with a 52% increase in closed sales year-over-year and an 88% increase in sales volume to $151 million vs. $80 million in First Quarter 2017.

South Fork prices increased in the First Quarter 2018. Average sale price increased 10% year-over-year and median sale price rose 7%. Over $5 million was the only market segment with increased sales this quarter compared to First Quarter 2017. The increased sales activity at the high end of the market, helped drive overall South Fork prices upward this quarter.

AMAGANSETT

1Q18

SALES

20

23

-13%

$49.468M

$65.007M

-24%

AVERAGE PRICE

$2.473M

$2.826M

-12%

MEDIAN PRICE

$2.125M

$2.475M

-14%

1Q18

1Q17

% CHG (YR)

35

23

52%

$150.658M

$80.350M

88%

BRIDGEHAMPTON/SAGAPONACK SALES VOLUME AVERAGE PRICE

$4.305M

$3.493M

23%

MEDIAN PRICE

$2.300M

$3.042M

-24%

1Q18

1Q17

% CHG (YR)

105

143

-27%

$122.606M

$181.233M

-32%

AVERAGE PRICE

$1.168M

$1.267M

-8%

MEDIAN PRICE

$930K

$925K

1%

EAST HAMPTON VILLAGE

1Q18

1Q17

% CHG (YR)

12

15

-20%

EAST HAMPTON SALES VOLUME

VOLUME

$64.892M

$44.019M

47%

AVERAGE PRICE

$5.408M

$2.935M

84%

MEDIAN PRICE

$3.898M

$2.350M

66%

1Q18

1Q17

% CHG (YR)

101

122

-17%

EAST QUOGUE/HAMPTON BAYS SALES VOLUME

$58.291M

$70.721M

-18%

AVERAGE PRICE

$577K

$580K

0%

MEDIAN PRICE

$490K

$460K

7%

MONTAUK

1Q18

1Q17

% CHG (YR)

SALES

25

37

-32%

VOLUME

$48.599M

$58.618M

-17%

AVERAGE PRICE

$1.944M

$1.584M

23%

MEDIAN PRICE

$1.225M

$950K

29%

1Q18

1Q17

% CHG (YR)

SAG HARBOR/NORTH HAVEN SALES

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

% CHG (YR)

VOLUME

SALES

4

1Q17

52

73

-29%

VOLUME

$90.078M

$132.249M

-32%

AVERAGE PRICE

$1.732M

$1.812M

-4%

MEDIAN PRICE

$1.400M

$1.400M

0%

PAGE 5

East End Corcoran Report

1Q | 2018

uth Fork QUOGUE VILLAGE/QUOGUE SALES

1Q18

1Q17

% CHG (YR)

17

20

-15%

VOLUME

$38.128M

$34.986M

9%

AVERAGE PRICE

$2.243M

$1.749M

28%

MEDIAN PRICE

$1.600M

$1.318M

21%

1Q18

1Q17

% CHG (YR)

SOUTHAMPTON SALES

59

68

-13%

VOLUME

$89.940M

$102.003M

-12%

AVERAGE PRICE

$1.524M

$1.500M

2%

MEDIAN PRICE

$1.200M

$1.164M

3%

1Q18

1Q17

% CHG (YR)

28

33

-15%

$162.158M

$229.879M

-29%

AVERAGE PRICE

$5.791M

$6.966M

-17%

MEDIAN PRICE

$3.472M

$3.600M

-4%

1Q18

1Q17

% CHG (YR)

19

21

-10%

$77.231M

$79.833M

-3%

SOUTHAMPTON VILLAGE SALES VOLUME

WATER MILL SALES VOLUME AVERAGE PRICE

$4.065M

$3.802M

7%

MEDIAN PRICE

$2.700M

$2.825M

-4%

1Q18

1Q17

% CHG (YR)

17

21

-19%

VOLUME

$27.410M

$27.341M

0%

SHELTER ISLAND SALES

AVERAGE PRICE

$1.612M

$1.302M

24%

MEDIAN PRICE

$945K

$775K

22%

REMSENBURG/WESTHAMPTON

1Q18

1Q17

% CHG (YR)

37

71

-48%

VOLUME

$58.535M

$95.428M

-39%

SALES

AVERAGE PRICE

$1.582M

$1.344M

18%

MEDIAN PRICE

$950K

$876K

8%

NORTH SEA/NOYACK

1Q18

1Q17

% CHG (YR)

1

0

0%

$675K

$0

0%

SALES VOLUME AVERAGE PRICE

$675K

$0

0%

MEDIAN PRICE

$675K

$0

0%

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TIMDAVIS HA MPTON S .COM

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East End Corcoran Report

1Q | 2018

South Fork

SOUTH FORK SALES BY CATEGORY

East of the canal, market share was largely unchanged, with the exception of the extreme low and high ends. Sales over $5M comprised 10% of the market this year, up from 7% last year. Sales under $500,000 dropped from 9% market share to 6% in First Quarter 2018.

West of the canal, the highest end also grew, with $5M-plus sales growing from 1% to 3% of the market. All other categories had 1% shifts in market share.

SOUTH FORK EAST OF THE CANAL Numbers may not add to 100% due to rounding.

7% Under $500K

10%

9%

11%

9%

$500K-$1M $1M-$2M $2M-$3M

6%

1Q17

13%

30%

1Q18

12%

32%

$3M-$5M $5M+ 30%

31%

SOUTH FORK WEST OF THE CANAL Numbers may not add to 100% due to rounding.

2% 1%

1% 3% 3%

4% Under $500K $500K-$1M

16%

17%

$1M-$2M

1Q17

$2M-$3M

39%

40%

1Q18

$3M-$5M $5M+

6

36%

35%

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

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East End Corcoran Report

1Q | 2018 1Q | 2018

Luxury Market Luxury MarketLUXURY MARKET East End Corcoran Report

The luxury market is defined as the top 10% of all residential sales made within the The luxury market is defined as thefactors top period being reported.

As various 10% of all residential sales made within the redefine the high-end market in any given period being reported.

As various factors period, these numbers may exhibit more redefine than the high-end market in any given volatility the market overall. period, these numbers may exhibit more volatility than the market On the South Fork, priceoverall. statistics increased for the luxury market. Average On the South Fork, price statistics price was up 17% and median price was increased for the luxury market.

Average up 27%. There were more reported sales price was up 17% and median price was over $5M in First Quarter 2018 than First up 27%.

There were more reported sales Quarter 2017. Last year it was the $4M over $5M First Quarter 2018 thanthan First range thatinwas noticeably stronger Quarter 2017.

Last year it was the $4M this year. range that was noticeably stronger than thisthe year.

In North Fork luxury market, the

SOUTH FORK SALES

SOUTH FORK

1Q18

1Q17

53

67

1Q18

1Q17

VOLUME SALES AVERAGE PRICE VOLUME MEDIAN PRICE AVERAGE PRICE

$578M 53 $8.747M $578M $6.550M $8.747M

$346M 67 $7.453M $346M $5.150M $7.453M

MEDIAN PRICE

$6.550M

$5.150M

NORTH FORK

1Q18

SALES

15

NORTH FORK

1Q18

1Q17 20

% CHG (YR) -21%

% CHG (YR) -7% -21% 17% -7% 27% 17% 27%

% CHG (YR) -25%

1Q17

% CHG (YR)

0%

VOLUME SALES AVERAGE PRICE VOLUME MEDIAN PRICE AVERAGE PRICE

$25.003M 15 $1.667M $25.003M $1.475M $1.667M

$35.009M 20 $1.750M $35.009M $1.475M $1.750M

MEDIAN PRICE

$1.475M

$1.475M

-29% -25% -5% -29% 0% -5%

average price decreased 5%. First Quarter In thehad North Fork luxury 2017 more sales overmarket, $2.5M,the which average price decreased 5%.

First Quarter skewed the average higher. Median price, 2017 had was more sales over $2.5M, which however, flat year-over-year. skewed the average higher. Median price, however, was flat year-over-year.

Sagaponack I web# 5128424

Southampton I web# 3794976

Sagaponack I web# 5128424

Southampton I web# 3794976

SOUTHAMPTON Web ID: 103929 | $9.5M

WESTHAMPTON BEACH Web ID: 55649 | $5.5M

Overall Inventory OVERALL INVENTORY Overall Inventory Inventory is the total number of East End properties listed for sale at the end of a Inventory is theperiod. total number of East2018 End particular time First Quarter properties listed for sale at the end of inventory was 5,646 listings, just slightlya particular period.

First Quarter below lasttime quarter’s inventory.

Year- 2018 inventory was 5,646 listings, just slightly over-year inventory decreased 7%, and below last quarter’s inventory.

Year-quarter represented the sixth consecutive over-year inventory decreased 7%, and with a decline. represented the sixth consecutive quarter with a decline.

10,000

8,000 10,000 6,000 8,000 4,000 6,000 2,000 4,000 0 2,000

1Q13

1Q14

1Q15

1Q16

1Q17

1Q18

1Q13

1Q14

1Q15

1Q16

1Q17

1Q18

0

PAGE 10 PAGE 10

TIMDAVIS HA MPTON S .COM

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Tim Davis

The Hamptons Luxury Market Leader

T IM D AV ISHAMPTONS.COM

The following members of the The Corcoran Group made significant contributions to this report: Ernie Cervi I Marty Gleason I Chrissy Magalhaes I Ryan Schleis 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.