New York vacation-home retreat has turned into a year-round refuge.
Homebuyers Wanting to Own in Hamptons Coming Up Empty
In the latest report from Miller Samuel and Douglas Elliman, buyers are crying out for property but there simply isn’t enough to buy. Third quarter sales were down -35% y/y.
Listings plummeted -41% y/y compared to Q3 2020. This listings fall was the eighth consecutive month with y/y declines and the second largest drop in this monthly firm’s records dating back to 2007.
READ: 2022 Top Agent Success Secrets [Revealed]: New FREE Real Estate Coaching Web Event, Revealing 17 Surprising Secrets Of The Top 100 $ Millionaire Agents. Get Your FREE Spot For The 2022 Real Estate Coaching Webinar Now. After You Have Attended This Event You Will Have A Huge Feeling Of Relief Knowing You Will FINALLY Laugh At Your Money Worries – You Will Have Your Own Personalized 2022 Step-By-Step Business Plan. Learn Now How To Generate 100’s of Motivated Leads for FREE, Without Coming Off As A Pushy Salesperson and Losing Your Soul. You Will Soon Know How To Become One of the 1000s of Agents Making HUGE Money Who Never Thought They Could. YES, I Want To Attend The FREE Webinar! <——Click To Register
Hamptons Now Year-Round Destination
The Hamptons formerly existed as a summer vacation spot for, primarily, New Yorkers. Now, it’s a different story. The Hamptons today are a year-round destination for buyers seeking space to live, work and learn. This race for space has left few listings available to buy and has pushed prices to unimagined heights for the very few listings that are available to buy.
(To learn how to tap into this high demand – low supply Hamptons market, register today for this new, free webinar offered by Tim and Julie Real Estate Coaching:)
READ: 2022 Top Agent Success Secrets [Revealed]: New FREE Real Estate Coaching Web Event, Revealing 17 Surprising Secrets Of The Top 100 $ Millionaire Agents. Get Your FREE Spot For The 2022 Real Estate Coaching Webinar Now. After You Have Attended This Event You Will Have A Huge Feeling Of Relief Knowing You Will FINALLY Laugh At Your Money Worries – You Will Have Your Own Personalized 2022 Step-By-Step Business Plan. Learn Now H
ow To Generate 100’s of Motivated Leads for FREE, Without Coming Off As A Pushy Salesperson and Losing Your Soul. You Will Soon Know How To Become One of the 1000s of Agents Making HUGE Money Who Never Thought They Could. YES, I Want To Attend The FREE Webinar! <——Click To Register
Properties remained on the market just 96 days in Q3 2021, the fewest DOM stats for the Hamptons since 2006.
Many Fewer Sales, Many Overpaying
With sales being down -35% in Q3, Todd Bourgard, sales overseer for Douglas Elliman in the Hamptons, said, “We have the buyers out here. If we had the inventory, we’d certainly have more sales.”
Of the buyers who were lucky enough to actually transact, 27% of them paid more than the listing’s asking price. This 27% of buyers paying over list is the highest share of such buyers since 2016, according to this latest Miller Samuel and Douglas Elliman report.
Thanks to Miller Samuel and Douglas Elliman Real Estate Report and Bloomberg.
