Low Inventory, fewer sales and lower prices. After steadily rising to record high levels for the last 4 years, the average and median sales prices in the Hamptons both declined during 1Q23. The Number of transactions declined for the second year in a row- clearly signaling a slowdown in the Hamptons real estate market.
Traditionally, fewer sales and lower prices would indicate a shift from a seller's market to a buyer's market but this is not the case in the current Hamptons market. The third required element of a buyer's market - a surplus of available homes- is absent. In fact, the inventory level of homes on the East End is still at a near record low and is the major local factor impacting the rate of home sales today.
As always, the health of any market is not defined by periodic fluctuations, but log-term trends, which have always proven the Hamptons to be a strong investment over time.
To view full report click the link http://bhshamptons.info/1Q23MarketReport/
