South Fork
With the frenzied post-Covid market in the rear-view mirror, low inventory and higher mortgage rates further slowed the Hamptons market. In Second Quarter 2023, South Fork single-family home sales declined a substantial 46% year-over-year, marking the seventh consecutive quarter of annual decline. This was the slowest second quarter since 2012, surpassing the previous low from Second Quarter 2019.
All but one South Fork village and hamlet reported signifi cant decreases in sales, with most seeing annual declines of 40% or greater. Westhampton Beach exhibited the smallest decline at 32%, whereas Bridgehampton/Sagaponack reported the most signifi cant drop with 81% fewer sales. Shelter Island was the only submarket to report a jump in sales, increasing 40% annually.
The major decrease in sales heavily impacted sales volume, which fell 49% annually. Except for Shelter Island, which had an increase of 117% due to an $8.7M sale, all other submarkets saw annual declines of at least 15% in sales volume.
Second Quarter 2023 was the second consecutive quarter with an annual decline in average and median price, which had not happened in four years. Price metrics by submarkets portrayed a more mixed picture. Median price increased in more than half of the submarkets. Notably, Water Mill had the most signifi cant increase, up 170% year-over-year as nearly 60% of sales were over $5M versus 15% in Second Quarter 2022. Amagansett had the largest decline in average price, at 51%, because this year there were no reported closings over $4M.
North Fork
In Second Quarter 2023, North Fork single-family home sales fell 27% year-over-year, marking the eighth consecutive quarter with an annual decline. North Fork sales volume had a 22% overall decline. Most North Fork submarkets saw double-digit annual drops in sales except for Greenport which had the smallest decline of 4%, and East Marion/Orient which increased in sales by two deals annually. Mattituck/Laurel and Southold/Peconic saw the steepest declines, each falling 41%.
Average and median prices had annual increases of 7% and 2%, respectively. Four of the six submarkets saw annual average price growth. Cutchogue average price increased 65% annually as there were half as many sales under $1M. Greenport had the largest decline, falling 16%. Median price followed the same trend as average price with four of the six submarkets increasing annually. Aquebogue/Jamesport saw the most signifi cant increase in median price because the majority of the submarket’s deals were above $800K.