Hamptons homebuying slows for 4th straight month

But prices remain high

Pace Of Hamptons Home Sales Slowed in June For Fourth Straight Month

The pace of homes going into contract in the Hamptons slowed for the fourth month in a row.

The number of homes for which contracts were signed last month fell 6.8 percent compared to May and was down 37 percent from its June 2020 level, according to Newsday.

New York state lifted restrictions on real estate activity last June, leading to a surge in deals that carried through the remainder of 2020.

Homes continue to attract multiple offers and go into contract above their asking price, but competition has cooled somewhat.

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“We still have a large pool of buyers out here, but they are certainly waiting for the house that they want,” said Todd Bourgard at Douglas Elliman.

Despite the slowdown, sales were up nearly 50 percent in the first half of this year compared to the same period last year.

The Hamptons are by no measure getting cheaper. There have been several sales well above the $20 million mark in 2021, including the potentially record-breaking sale of 90 Jule Pond Drive in Southampton.

[Newsday] — Dennis Lynch