Hamptons, North Fork markets heat up
Contract signings increase on the East End
The residential market on Long Island’s East End bounced back last month after a sluggish April.
New signed contracts grew in both the Hamptons and the North Fork, following similar gains in Manhattan and Brooklyn, according to Miller Samuel’s monthly report for Douglas Elliman.
“This is not unique to the Hamptons or Manhattan or New York City. We’re seeing this in Florida and Southern California, Colorado, all the regions where we perform this research,” report author Jonathan Miller said. “There was a bit of a slowdown in April, and then the market went back on track in May fairly strongly.”
More homes hit the market in the Hamptons last month than the month before, while new listings stayed about the same on the North Fork.
“That’s coming from near record lows,” Miller said. “New inventory is good for the market because there’s been such a dearth of supply.”
In the Hamptons, new signed contracts rose 23 percent from April, increasing for the fourth time this year. New listings grew for the third time in four months, rising 57 percent from the previous month.
On the North Fork, new signed contracts were up 58 percent in May, the third increase in four months, while new listings remained steady compared to April.
The residential market in the East End is starting to catch up to, and in some cases outpace, the housing boom experienced in the first half of 2022.
New signed contracts in the Hamptons declined by just 3 percent, down from 93 to 90 compared to last May. New listings dipped 19 percent from 177 to 144.
Contract signings on the North Fork rose more than 50 percent, up from 27 in May 2022 to 41 last month. New listings remained lower than that of last year, down by 37 percent from 70 to 44.