This low supply, coupled with the rush of New Yorkers to the Hamptons, has led to a price surge and a near depletion of quality inventory across all hamlets, vintages, and price segments. At the end of Q2 2020, the total number of trades in the $10 million+ segment increased by 90% compared to the first half of 2019. The total sales volume increased from that of $359,044,000 in 2019 Q1/Q2 to $737,478,416 in 2020. By June 30, there were already more $30M+ homes sold than in the entirety of 2019.
“It’s important not to look at the market from a one-dimensional point of view,” says Cody Vichinsky, co-founder of Bespoke. “How many buyers missed great opportunities because they didn't believe that all the best properties were being absorbed until it was too late? People often overlook the fundamentals of these types of markets, and assume that they will broadly correct themselves. However, there is typically more demand than good supply, thus the better opportunities are always singular and acute in nature. If you wait for the broad brush market correction, you may be waiting a very long time.”