Hamptons real estate market slows, but home sales volume surprises

In Southampton Village, the median home sale price held steady at $3,142,500, but the number of home sales fell 40% from 43 to 26 from the third quarter of last year.

In the Southampton area, which includes the North Sea, there were 47% fewer home sales – 43 compared to 81 last year. However, the median sale price of homes rose 22% to $1.615 million due, Desiderio says, to the 150% increase in home sales in the 3.5 category to $4.99 million. .

Sag Harbor Village also maintained its median home sale price of $2,625, though its 8% lower than a year ago, and closed 35% fewer homes. This resulted in a 31.5% drop in the total volume of home sales.

Outside of the Village, in the area that includes Noyac and North Haven, sales volume “dropped” nearly 60%, from $153.6 million to $63.7 million. This is the largest statistical decline of any market monitored by Town & Country for Q3 2022 compared to Q3 2021,” Desiderio said.

As for west of the Shinnecock Canal, Hampton Bays saw a 7% increase in home sales, from 58 to 62. Total home sales volume increased nearly 6%, from 51,023 $755 to $53,850,552. The median sale price fell about 3% to $760,000.

But further west, in the Remsenburg, Westhampton Beach, East Quogue, Quogue and Quiogue areas, there were 34% fewer home sales – 80 compared to 122 in the third quarter of last year. The median home sale price fell 10.4% from $1,537,500 to $1,377,000.

Even still, Quogue saw record sales north of the freeway. Rachel Martin of the Westhampton office of Town & Country Real Estate represented buyers at 127 Montauk Highway for $5.2 million. Patrick M. Galway, the managing director of Town & Country in Southampton and Westhampton, noted that he held the previous record for homes north of the freeway in Quogue for many years at $3.5 million, ” so this sale blows that one out of the water.”

On Shelter Island, Desiderio reported “a stunning increase in the median home sale price of 45.6%, from $1,184,500 in the third quarter of 2021 to $1,725,000 this quarter with only 16 homes traded in three months. . In the same quarter last year, there were 26 home sales or 38% more.

The biggest sale so far this year on Shelter Island remains a $9.7 million home on Ram Island sold by Brown Harris Stevens.

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