According to Philip V. O’Connell, Managing Director for Brown Harris Stevens of the Hamptons:
“For most of the first and second quarters of 2020, access to homes was extremely difficult due to COVID and the associated government restrictions. The easing of restrictions at the end of Q2 had a dramatic impact on Q3 2020, and the market embraced a frenetic pace, resulting in a doubling of the dollar volume of Q3 2019. The end of Q3 2020 has settled into a strong market which we expect to continue throughout the year.”
Fuelled in part by concerns related to the Covid-19 pandemic, an increased demand for primary and secondary homes on the East End resulted in a surge of Third Quarter sales, driving up the Total Dollar Volume an unprecedented 101.5% to over $973M from $483M in the Third Quarter of 2019.
Sales of single-family homes in the Hamptons totalled 448 in 3Q20, the highest number of third quarter sales in 5 years, rising by an impressive 51.4%.
The North Fork saw significant gains: The average sales price increased, rising 17% to $715,485 - the highest Third Quarter average price in over 5 years.
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