Worst spring quarter for Hamptons real estate in 8 years

Andrew Weber
July 26, 2019 - 1:41 pm
Hamptons house

Getty: KatarzynaBialasiewicz

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NEW YORK (1010 WINS) — The second quarter of 2019 was the worst spring quarter for Hamptons real estate in eight years, according to a report from Douglas Elliman and Miller Samuel. 

This marks a year and a half of declines.

What makes the current slump unusual is that it’s at odds with the relative strength of the stock market.

In previous years, the ups and downs of Hamptons real estate have corresponded with the relative ups and downs of the stock market.

The market is suffering from the same factors that have affected luxury real estate elsewhere - too much supply, too few foreign buyers, and changes in the tax code that have hurt residents of high-tax states like New York.

The quarter may just be a precursor to a further drop, though, with the number of homes listed doubling in the spring to over 2,500, the most since Miller Samuel began gathering data in 2006.

The average sale price in the Hamptons fell 2.5 percent, but is still over $1.7 million.

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