A More Stable Market and Uncertain Times
Considering all the factors that are currently impacting the economy- including multiple wars and international tensions, continued inflation in the US and rising interest rates along with low housing inventory- the Hamptons real estate markets still remarkably strong.
Now that we are nearing the second full year after the surge in sales prices that in occurred I the wake of Covid-19, we can see the market entering a more stable period, with similar number of sales as pre-pandemic years and prices slowly normalizing after the very rapid rise to all time highs
The number of sales during the third quarter of 2023 declined by 4.6 % compared to the same period last year. This represents a difference of only 16 transactions between 335 sales in 3Q2023 and the 351 sales in 3Q22. Furthermore, when looking at the five-year history we see that there were more third quarter sales in 3Q23 than in 3Q19.
