The median sales price of homes in the Hamptons is lower than it was a year ago, as is the volume of sales, according to a recent report from Douglas Elliman on the South Fork of Long Island, east of and including Westhampton.
This is no surprise, as prices have been down in four of the last five quarters, and the number of sales also decreased in the last five quarters, resulting in the lowest first-quarter sales figures in seven years.
There is no doubt: The market is slow.
But, paradoxically, the homes that do sell are selling faster. Homes than sold in the first quarter of 2019 spent an average of just 138 days on the market, down from 154 days during the same period a year earlier.
The explanation? Discounts — or how far below asking price homes sold for — have also been decreasing, suggesting that homes are being priced closer to what buyers are willing to pay, reducing the time spent in negotiations.
Jonathan J. Miller, the president of the real estate appraisal firm Miller Samuel, offered a succinct explanation of the current Hamptons market. “It’s not an absence of buyers,” said Mr. Miller, who wrote the Elliman report and provided additional information for this article. “It’s an absence of buyers willing to pay 2017 prices.”
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