The Hamptons property continues to tighten in the post-coronavirus era. Homes are hitting the market, but even more are selling, according to Behind the Hedges.
New listings in the first week of March were 72 percent higher than the same time a year ago, but contracts still outpaced what was hitting the market. Some agents are seeing properties selling above asking price.
The shrinking inventory is also affecting the rental market. Gross booking value increased 69 percent in the 2020-2021 offseason compared to the prior offseason. Renters are booking stays for longer and revenue per property is up 156 percent year-over-year. [BTH] — Dennis Lynch