Buyers hunt Hamptons, North Fork homes — often in vain

South Fork listings were depleted at the fastest rate on record

Tri-State /
Apr.April 22, 2021 07:00 AM
(Getty, iStock)

(Getty, iStock)

Home shoppers in the Hamptons and North Fork are more eager than ever, but sales are falling because so little is left to buy.

The number of first-quarter sales in the Hamptons plunged 37 percent from the previous quarter, from 803 to 509, according to a report by appraiser Miller Samuel for Douglas Elliman. On the North Fork, sales declined 38 percent, from 291 to 181.

Sales remain well ahead of their pace of a year ago, however. In the Hamptons and North Fork they were 48 percent and 59 percent higher than in January through March of 2020, respectively.

High demand and rising home values have not inspired many owners to sell. In the Hamptons, listing inventory fell 34 percent in the quarter — the fastest rate in the 13 years that Miller Samuel has been tracking the data.

In North Fork, inventory decreased 11 percent from the fourth quarter and 58 percent from the first quarter of 2020.

The houses that do list are flying off the market. In the Hamptons, they sold in just 101 days, on average — 32 percent faster than a year ago. The North Fork’s number was a mere 73 days, a 39 percent drop.

The trend mimics other parts of the country. In March, 49 percent of U.S. homes that went into contract had been on the market for less than two weeks, according to Redfin.

Other parts of the tri-state area have seen similar interest from buyers, pushing inventory down and prices up. In Greenwich, home sales nearly doubled in the first quarter compared with the same period in 2020.






    Related Articles

    arrow_forward_ios
    1384 Meadow Lane
    The 20 priciest Hamptons sales this year
    The 20 priciest Hamptons sales this year
    Jonathan Oringer and his Bridgehampton home. (Getty, Erica Grossman / Douglas Elliman)
    Shutterstock co-founder’s Bridgehampton mansion lists for $52M
    Shutterstock co-founder’s Bridgehampton mansion lists for $52M
    Bay Street Theater (Google Maps)
    Theater takes heat for Sag Harbor waterfront project
    Theater takes heat for Sag Harbor waterfront project
    9 Olde Towne Lane
    Southampton home in exclusive enclave sells for $34.5M
    Southampton home in exclusive enclave sells for $34.5M
    An Appellate Division committee disbarred him a month later amid an investigation of professional misconduct. (iStock)
    Disbarred Bellmore attorney accused of stealing escrow funds
    Disbarred Bellmore attorney accused of stealing escrow funds
    (Getty, iStock)
    Future Amazon distribution center site will get environmental cleanup
    Future Amazon distribution center site will get environmental cleanup
    Hank, Ben, and Mary Brinkmann in front of Main Street, Mattituck. (Brinkmann's Hardware, Google Maps)
    Suffolk County family sues to stop town from seizing property
    Suffolk County family sues to stop town from seizing property
    Hamptons businesses desperate for workers
    Hamptons businesses desperate for workers
    Hamptons businesses desperate for workers
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...