The Corcoran Report 1Q | 2 0 2 3 | E A S T EN D
1Q 2 023 | E A S T EN D | 2
Contents SOUTH FORK SUMMARY SOUTH FORK MAP E AST OF THE CANAL SUMMARY E A S T O F T H E C A N A L H A M L E T S / V I L L AG E S WEST OF THE CANAL SUMMARY W E S T O F T H E C A N A L H A M L E T S / V I L L AG E S
3 4-5 6 7-11 12 13 -14
NORTH FORK SUMMARY
15
NORTH FORK MAP
16
N O R T H F O R K H A M L E T S / V I L L AG E S
17-2 0
LUXURY MARKE T
21
C O N D OS
22
L A N D & CO M M ER C I A L
23
M E T H O D O LO G Y
24
DISCLAIMER: In early September 2022, an all-encompassing attack on Suffolk County government systems caused a significant disruption in recorded real estate data. Due to the breach, the county did not report closings for several weeks in September and October. Therefore, the number of sales and dollar volume figures in Third Quarter and Fourth Quarter 2022 are negatively affected. Had the breach not occurred, reported figures likely would have been higher than what is shown in this report.
1Q 2 023 | E A S T EN D | 3
Bridgehampton | $29.5M | WEB# 894038
South Fork In First Quarter 2023, South Fork single-family home sales fell 30% year-over-year, the sixth consecutive quarter of annual decline. This period was the slowest first quarter since 2013, with 12% fewer sales than the First Quarter 2019. All South Fork villages and hamlets experienced a drop in sales, with six of 14 submarkets reporting annual declines of 40% or more. Southampton sales fell the least, by 7%, while Bridgehampton/Sagaponack sales fell the most, by 63%. First Quarter 2023 recorded the first annual drop in average and median prices since 2019. Yearover-year, average price fell 7% and median price was down 8%. The decline in transactions and price indices led overall dollar volume to drop 34% annually. Although all price ranges saw sales decline by at least 25%, the highest and lowest price ranges exhibited the sharpest declines. By submarket, price metrics portray a more mixed picture. Median price increased in half of all submarkets, with areas west of the Shinnecock Canal performing better than those to the east. Westhampton Beach saw the most significant growth in median price, up 41% year-over-year, while Bridgehampton/Sagaponack saw the sharpest decline in median price, falling 41% annually. Water Mill had the deepest drop in dollar volume, down 68%, and Bridgehampton/Sagaponack, Shelter Island, and Quogue also saw dollar volume fall by over 50%.
Single Family Sales
Sales Volume
453
$1.459B
Average Sales Price
Median Sales Price
$3.222M
$1.690M
-30% YEAR OVER YEAR
-7% YEAR OVER YEAR
-34% YEAR OVER YEAR
- 8% YEAR OVER YEAR
1Q 2 023 | E A S T EN D | 4
Shelter Island
Neighborhoods South Fork
SINGLE FAMILY SALES
VOLUME
AV ER AGE PR I CE
M E DI A N PR I CE
-59%
-11%
-37%
VOLUME
AV ER AGE PR I CE
M E DI A N PR I CE
-24%
+25%
+28%
SINGLE FAMILY SALES
VOLUME
AV ER AGE PR I CE
M E DI A N PR I CE
-45%
-35%
+20%
+40%
VOLUME
AV ER AGE PR I CE
M E DI A N PR I CE
-50%
+10%
12
$29.207M $2.434M $1.613M
-54%
Sag Harbor/North Haven SINGLE FAMILY SALES
$152.092M $3.306M $2.410M
46
% C H A N G E ( Y E A R - O V E R -Y E A R )
-39%
Montauk
18
Bridgehampton/Sagaponack SINGLE FAMILY SALES
19 -63
%
Amagansett
VOLUME
AV ER AGE PR I CE
M E DI A N PR I CE
SINGLE FAMILY SALES
-65
-3
-41
-54
$127.766M $6.725M $2.999M %
%
%
East Hampton Village SINGLE FAMILY SALES
16
-30%
$62.490M $3.472M $2.795M
11
$48.161M $4.378M $3.100M
%
+3%
East Hampton
VOLUME
AV ER AGE PR I CE
M E DI A N PR I CE
SINGLE FAMILY SALES
-20%
+16%
-5%
-20%
$214.763M $13.423M $6.300M
108
VOLUME
AV ER AGE PR I CE
M E DI A N PR I CE
-15%
+6%
+6%
$253.973M $2.352M $1.753M
1Q 2 023 | E A S T EN D | 5
Neighborhoods South Fork (cont'd)
% C H A N G E ( Y E A R - O V E R -Y E A R )
Water Mill SINGLE FAMILY SALES
VOLUME
AV ER AGE PR I CE
M E DI A N PR I CE
-68%
-44%
-1%
SINGLE FAMILY SALES
VOLUME
AV ER AGE PR I CE
M E DI A N PR I CE
-7
-6%
+1%
-18%
15
$80.909M $5.394M $4.625M
-42
%
Southampton
Quogue SINGLE FAMILY SALES
8
VOLUME
AV ER AGE PR I CE
M E DI A N PR I CE
$24.990M $3.124M $2.700M
-43%
-51%
22 +22%
$114.428M $2.119M $1.300M
%
-15%
-16%
VOLUME
AV ER AGE PR I CE
M E DI A N PR I CE
SINGLE FAMILY SALES
VOLUME
AV ER AGE PR I CE
M E DI A N PR I CE
+41%
+15%
+41%
-33%
-25%
+13%
-23%
VOLUME
AV ER AGE PR I CE
M E DI A N PR I CE
+5%
+4%
Westhampton Beach SINGLE FAMILY SALES
54
$59.790M $2.718M $2.405M
Westhampton/Remsenburg
Southampton Village
20
$173.304M $8.665M $3.325M
East Quogue/Hampton Bays
SINGLE FAMILY SALES
VOLUME
AV ER AGE PR I CE
M E DI A N PR I CE
SINGLE FAMILY SALES
82
$79.911M
-27%
-20%
+9%
+11%
-17%
-13%
22
$37.607M $1.709M $1.480M
$975K
$808K
1Q 2 023 | E A S T EN D | 6
East of the Canal SINGLE FAMILY
1Q23
1Q22
%CHG (YR)
4Q22
%CHG (QTR)
Closed Sales
CL O S ED S AL ES
800
319
VOLUME
483
$1.257B
AVERAGE PRICE
MEDIAN PRICE
$3.941M
$2.310M
-34%
$1.995B
213
-37%
$4.130M
$810.606M
-5%
$2.250M
$3.806M
+3%
$2.200M
+50% NUMBER OF CLOSED SALES
SALES
+55%
+4%
+5%
700 600 500 400 300 200 100 0
Market Share by Price Range U N D ER $ 5 0 0 K
60%
10%
11% 10%
$2M-$3M
13%
1Q21
AV ERAG E P RI CE
1Q22
1Q23
MEDIAN PRICE
$5M+
19% 31%
18%
15%
17%
16%
16%
27%
32%
34%
18%
$4.0M $3.5M
28%
$3.0M
30%
6%
6%
1Q19
1Q20
$2.5M $2.0M $1.5M $1.0M
33% 16%
21%
0%
$3M-$5M
14%
13%
40% 20%
1Q20
$4.5M 9% 10%
80%
$1M - $ 2 M
1Q19
Median and Average Price
SALE PRICE
100%
$ 5 0 0 K - $1M
1Q18
1Q21
1%
1Q22
$500K
17%
6%
1Q23
2%
$0
1Q18
1Q19
1Q20
1Q21
1Q22
1Q23
1Q 2 023 | E A S T EN D | 7
Amagansett SINGLE FAMILY
1Q23
Bridgehampton/Sagaponack 1Q22
%CHG (YR)
4Q22
%CHG (QTR)
SINGLE FAMILY
1Q23
1Q22
%CHG (YR)
4Q22
%CHG (QTR)
SALES
11
24
-54%
9
+22%
SALES
19
52
-63%
17
+12%
VOLUME
$48.161M
$95.616M
-50%
$30.020M
+60%
VOLUME
$127.766M
$360.715M
-65%
$116.450M
+10%
AVERAGE PRICE
$4.378M
$3.984M
+10%
$3.336M
+31%
AVERAGE PRICE
$6.725M
$6.937M
-3%
$6.850M
-2%
MEDIAN PRICE
$3.100M
$3.000M
+3%
$3.000M
+3%
MEDIAN PRICE
$2.999M
$5.100M
-41%
$3.950M
-24%
Closed Sales
Closed Sales
C LO SED SA LES
50
80
40
NUMBER OF CLOSED SALES
NUMBER OF CLOSED SALES
45
35 30 25 20 15 10
70 60 50 40 30 20 10
5 0
1Q18
1Q19
1Q20
Median and Average Price
1Q21 AVERA GE P R IC E
1Q22
0
1Q23
MEDIAN PRICE
1Q18
$12.0M
$6.0M
$10.0M
$5.0M SALE PRICE
$7.0M
$8.0M $6.0M
$2.0M
$1.0M
1Q19
1Q20
1Q21
1Q22
1Q23
1Q21 AV ERAG E P RI CE
1Q22
1Q23
MEDIAN PRICE
$3.0M $2.0M
1Q18
1Q20
$4.0M
$4.0M
$0
1Q19
Median and Average Price
$14.0M
SALE PRICE
CL O S ED S AL ES
$0
1Q18
1Q19
1Q20
1Q21
1Q22
1Q23
1Q 2 023 | E A S T EN D | 8
East Hampton SINGLE FAMILY
1Q23
1Q22
East Hampton Village %CHG (YR)
4Q22
%CHG (QTR)
SINGLE FAMILY
1Q23
1Q22
%CHG (YR)
4Q22
%CHG (QTR)
SALES
108
135
-20%
65
+66%
SALES
16
23
-30%
7
+129%
VOLUME
$253.973M
$300.489M
-15%
$139.432M
+82%
VOLUME
$214.763M
$267.007M
-20%
$64.390M
+234%
AVERAGE PRICE
$2.352M
$2.226M
+6%
$2.145M
+10%
AVERAGE PRICE
$13.423M
$11.609M
+16%
$9.199M
+46%
MEDIAN PRICE
$1.753M
$1.650M
+6%
$1.600M
+10%
MEDIAN PRICE
$6.300M
$6.600M
-5%
$3.000M
+110%
Closed Sales
Closed Sales
C LO SED SA LES
45 40
200
NUMBER OF CLOSED SALES
NUMBER OF CLOSED SALES
250
CL O S ED S AL ES
150
100
50
35 30 25 20 15 10 5
0
1Q18
1Q19
1Q20
Median and Average Price
1Q21 AVERA GE P R IC E
1Q22
MEDIAN PRICE
$3.0M
1Q20
Median and Average Price
1Q21 AV ERAG E P RI CE
1Q22
1Q23
MEDIAN PRICE
$12.0M $10.0M
SALE PRICE
SALE PRICE
1Q19
$14.0M
$2.0M $1.5M $1.0M
$8.0M $6.0M $4.0M
$500K
1Q18
1Q18
$16.0M
$2.5M
$0
0
1Q23
$2.0M
1Q19
1Q20
1Q21
1Q22
1Q23
$0
1Q18
1Q19
1Q20
1Q21
1Q22
1Q23
1Q 2 023 | E A S T EN D | 9
Montauk SINGLE FAMILY
1Q23
Sag Harbor/North Haven 1Q22
%CHG (YR)
4Q22
%CHG (QTR)
SINGLE FAMILY
1Q23
1Q22
%CHG (YR)
4Q22
%CHG (QTR)
SALES
18
33
-45%
12
+50%
SALES
46
76
-39%
30
+53%
VOLUME
$62.490M
$95.463M
-35%
$39.482M
+58%
VOLUME
$152.092M
$201.138M
-24%
$65.782M
+131%
AVERAGE PRICE
$3.472M
$2.893M
+20%
$3.290M
+6%
AVERAGE PRICE
$3.306M
$2.647M
+25%
$2.193M
+51%
MEDIAN PRICE
$2.795M
$2.000M
+40%
$2.060M
+36%
MEDIAN PRICE
$2.410M
$1.888M
+28%
$2.055M
+17%
60
120
50
100
40 30 20 10 0
CL O S ED S AL ES
80 60 40 20
1Q18
1Q19
1Q20
Median and Average Price
1Q21 AVERA GE P R IC E
1Q22
0
1Q23
MEDIAN PRICE
1Q18
$4.0M
$3.5M
$3.5M
$3.0M
$3.0M
$2.5M
$2.5M $2.0M $1.5M
1Q20
1Q21 AV ERAG E P RI CE
1Q22
1Q23
MEDIAN PRICE
$2.0M $1.5M $1.0M
$1.0M $500K
$500K
$0
$0
1Q18
1Q19
Median and Average Price
SALE PRICE
SALE PRICE
Closed Sales
C LO SED SA LES
NUMBER OF CLOSED SALES
NUMBER OF CLOSED SALES
Closed Sales
1Q19
1Q20
1Q21
1Q22
1Q23
1Q18
1Q19
1Q20
1Q21
1Q22
1Q23
1Q 2 023 | E A S T EN D | 10
Southampton SINGLE FAMILY
1Q23
Southampton Village
1Q22
%CHG (YR)
4Q22
%CHG (QTR)
SINGLE FAMILY
1Q23
1Q22
%CHG (YR)
4Q22
%CHG (QTR)
+11%
SALES
54
58
-7%
30
+80%
SALES
20
30
-33%
18
VOLUME
$114.428M
$122.266M
-6%
$69.883M
+64%
VOLUME
$173.304M
$231.048M
-25%
$191.215M
-9%
AVERAGE PRICE
$2.119M
$2.108M
+1%
$2.329M
-9%
AVERAGE PRICE
$8.665M
$7.702M
+13%
$10.623M
-18%
MEDIAN PRICE
$1.300M
$1.590M
-18%
$1.475M
-12%
MEDIAN PRICE
$3.325M
$4.296M
-23%
$7.250M
-54%
Closed Sales
C LO SED SA LES
120
60
100
50
NUMBER OF CLOSED SALES
NUMBER OF CLOSED SALES
Closed Sales
80 60 40 20 0
1Q18
1Q19
1Q20
Median and Average Price
1Q21 AVERA GE P R IC E
1Q22
MEDIAN PRICE
$3.0M
30 20 10
1Q18
1Q20
Median and Average Price
1Q21 AV ERAG E P RI CE
1Q22
1Q23
MEDIAN PRICE
$12.0M $10.0M SALE PRICE
$2.0M $1.5M $1.0M
$8.0M $6.0M $4.0M
$500K
$2.0M
$0
$0
1Q18
1Q19
$14.0M
$2.5M
SALE PRICE
40
0
1Q23
CL O S ED S AL ES
1Q19
1Q20
1Q21
1Q22
1Q23
1Q18
1Q19
1Q20
1Q21
1Q22
1Q23
1Q 2 023 | E A S T EN D | 11
Shelter Island SINGLE FAMILY
1Q23
Water Mill
1Q22
%CHG (YR)
4Q22
%CHG (QTR)
SINGLE FAMILY
1Q23
1Q22
%CHG (YR)
4Q22
%CHG (QTR)
SALES
12
26
-54%
14
-14%
SALES
15
26
-42%
11
+36%
VOLUME
$29.207M
$70.850M
-59%
$25.365M
+15%
VOLUME
$80.909M
$250.222M
-68%
$68.588M
+18%
AVERAGE PRICE
$2.434M
$2.725M
-11%
$1.812M
+34%
AVERAGE PRICE
$5.394M
$9.624M
-44%
$6.235M
-13%
MEDIAN PRICE
$1.613M
$2.563M
-37%
$1.598M
+1%
MEDIAN PRICE
$4.625M
$4.698M
-1%
$5.500M
-16%
Closed Sales
Closed Sales
C LO SED SA LES
50
CL O S ED S AL ES
60
40
NUMBER OF CLOSED SALES
NUMBER OF CLOSED SALES
45
35 30 25 20 15 10 5 0
1Q18
1Q19
1Q20
AVERA GE P R IC E
1Q22
MEDIAN PRICE
40 30 20 10 0
1Q23
1Q18
$3.0M
$12.0M
$2.5M
$10.0M
$2.0M
$8.0M
$1.5M $1.0M $500K $0
1Q19
1Q20
Median and Average Price
SALE PRICE
SALE PRICE
Median and Average Price
1Q21
50
1Q21 AV ERAG E P RI CE
1Q22
1Q23
MEDIAN PRICE
$6.0M $4.0M $2.0M
1Q18
1Q19
1Q20
1Q21
1Q22
1Q23
$0
1Q18
1Q19
1Q20
1Q21
1Q22
1Q23
1Q 2 023 | E A S T EN D | 12
West of the Canal 1Q23
1Q22
%CHG (YR)
4Q22
%CHG (QTR)
SALES
134
161
-17%
104
+29%
VOLUME
$202.298M
AVERAGE PRICE
$1.510M
MEDIAN PRICE
$999K
$232.597M
-13%
$1.445M
$153.490M
+4%
$903K
$1.476M
+11%
$950K
Closed Sales
NUMBER OF CLOSED SALES
SINGLE FAMILY
+32%
+2%
+5%
300 250 200 150 100 50 0
1Q18
Market Share by Price Range 3% 3% 3%
100% 80%
$ 5 0 0 K - $1M
16%
6%
$1M - $ 2 M 1% 4%
$2M-$3M
4% 12%
3%
$3M-$5M
8% 6%
23%
0%
1Q19
22%
1Q20
MEDIAN PRICE
$1.2M
29%
45%
20% 29%
1Q23
$1.4M
46% 49%
AV ERAG E P RI CE
1Q22
$1.6M
8%
46%
44%
1Q21
$1.8M
3% 2%
2%
60% 40%
1Q20
$5M+
20% 26%
1Q19
Median and Average Price
SALE PRICE
U N D ER $ 5 0 0 K
CL O S ED S AL ES
$1.0M $800K $600K $400K $200K
12%
11%
8%
1Q21
1Q22
1Q23
$0
1Q18
1Q19
1Q20
1Q21
1Q22
1Q23
1Q 2 023 | E A S T EN D | 13
East Quogue/Hampton Bays
Quogue
SINGLE FAMILY
SINGLE FAMILY
1Q23
1Q22
%CHG (YR)
4Q22
%CHG (QTR)
1Q23
1Q22
%CHG (YR)
4Q22
%CHG (QTR)
+33%
SALES
82
99
-17%
65
+26%
SALES
8
14
-43%
6
VOLUME
$79.911M
$91.521M
-13%
$64.598M
+24%
VOLUME
$24.990M
$51.451M
-51%
$28.715M
-13%
AVERAGE PRICE
$975K
$924K
+5%
$994K
-2%
AVERAGE PRICE
$3.124M
$3.675M
-15%
$4.786M
-35%
MEDIAN PRICE
$808K
$780K
+4%
$775K
+4%
MEDIAN PRICE
$2.700M
$3.225M
-16%
$2.175M
+24%
Closed Sales
Closed Sales
C LO SED SA LES
30
120
NUMBER OF CLOSED SALES
NUMBER OF CLOSED SALES
140
100 80 60 40 20 0
1Q18
1Q19
1Q20
Median and Average Price
1Q21 AVERA GE P R IC E
1Q22
MEDIAN PRICE
20 15 10 5
1Q18
1Q19
1Q20
Median and Average Price
1Q21 AV ERAG E P RI CE
1Q22
1Q23
MEDIAN PRICE
$7.0M $6.0M
$1.0M
$5.0M SALE PRICE
$800K $600K $400K
$4.0M $3.0M $2.0M
$200K $0
25
0
1Q23
$1.2M
SALE PRICE
CL O S ED S AL ES
$1.0M
1Q18
1Q19
1Q20
1Q21
1Q22
1Q23
$0
1Q18
1Q19
1Q20
1Q21
1Q22
1Q23
1Q 2 023 | E A S T EN D | 14
Westhampton Beach SINGLE FAMILY
1Q23
1Q22
%CHG (YR)
Westhampton/Remsenburg 4Q22
%CHG (QTR)
SINGLE FAMILY
1Q23
1Q22
%CHG (YR)
4Q22
%CHG (QTR)
SALES
22
18
+22%
16
+38%
SALES
22
30
-27%
17
+29%
VOLUME
$59.790M
$42.528M
+41%
$30.680M
+95%
VOLUME
$37.607M
$47.097M
-20%
$29.497M
+27%
AVERAGE PRICE
$2.718M
$2.363M
+15%
$1.918M
+42%
AVERAGE PRICE
$1.709M
$1.570M
+9%
$1.735M
-1%
MEDIAN PRICE
$2.405M
$1.709M
+41%
$1.400M
+72%
MEDIAN PRICE
$1.480M
$1.333M
+11%
$1.408M
+5%
Closed Sales
Closed Sales
C LO SED SA LES
50
CL O S ED S AL ES
60
40
NUMBER OF CLOSED SALES
NUMBER OF CLOSED SALES
45
35 30 25 20 15 10 5 0
1Q18
1Q19
1Q20
Median and Average Price
1Q21 AVERA GE P R IC E
1Q22
30 20 10
1Q18
$4.0M
$1.8M
$3.5M
$1.6M
SALE PRICE
$2.0M $1.5M $1.0M
1Q21 AV ERAG E P RI CE
1Q22
1Q23
MEDIAN PRICE
$1.2M $1.0M $800K $600K $400K
$500K
1Q18
1Q20
$1.4M
$2.5M
$0
1Q19
Median and Average Price
$3.0M SALE PRICE
40
0
1Q23
MEDIAN PRICE
50
$200K
1Q19
1Q20
1Q21
1Q22
1Q23
$0
1Q18
1Q19
1Q20
1Q21
1Q22
1Q23
1Q 2 023 | E A S T EN D | 15
East Marion | $6,750,000 | WEB# 894179
North Fork In the First Quarter of 2023, North Fork single-family home sales fell 8% year-over-year, the seventh consecutive quarter of annual decline. Only two of the six submarkets, Mattituck/Laurel and East Marion/Orient, experienced an increase in sales, up 14% and 60%, respectively. Aquebogue/Jamesport saw the sharpest decline in sales, down 30%. Despite the dip in activity, the market saw a 7% year-over-year expansion in dollar volume due to strong prices. Furthermore, sales above $1.5M constituted 19% of transactions, a 5% increase in market share versus a year ago. Average and median price reached their second-highest figures on record, with an annual increase of 16% and 14%, respectively. Two-thirds of submarkets saw annual price growth, with Greenport experiencing the most significant rise in median price at 37% and Southold/Peconic seeing the sharpest increase in average price at 71%. However, Mattituck/Laurel reported a drop in median price by 11% due to an expanded share of sales being under $600K.
Single Family Sales
Sales Volume
123
$146.151M
Average Sales Price
Median Sales Price
$1.188M
$910K
- 8% YEAR OVER YEAR
+16% YEAR OVER YEAR
+7% YEAR OVER YEAR
+14% YEAR OVER YEAR
1Q 2 023 | E A S T EN D | 16
Neighborhoods North Fork Cutchogue SINGLE FAMILY SALES
16 -6%
Southold/Peconic VOLUME
AV ER AGE PR I CE
M E DI A N PR I CE
SINGLE FAMILY SALES
-5%
+1%
+2%
-26%
$20.172M $1.261M
$997K
Mattituck/Laurel SINGLE FAMILY SALES
33 +14%
25
AV ER AGE PR I CE
M E DI A N PR I CE
+25%
+71%
+21%
VOLUME
AV ER AGE PR I CE
M E DI A N PR I CE
-6%
+11%
+37%
VOLUME
AV ER AGE PR I CE
M E DI A N PR I CE
+89%
+18%
+22%
$37.493M $1.500M
$979K
Greenport
VOLUME
AV ER AGE PR I CE
M E DI A N PR I CE
SINGLE FAMILY SALES
+5%
-8%
-11%
-15
$32.998M $1.000M $675K
Aquebogue/Jamesport
17 %
$20.491M $1.205M $1.215M
East Marion/Orient
16
VOLUME
$12.084M
AV ER AGE PR I CE
M E DI A N PR I CE
SINGLE FAMILY SALES
-30%
-40%
-14%
-2%
+60%
SINGLE FAMILY SALES
VOLUME
$755K
$725K
16
$22.913M $1.432M $1.263M
% C H A N G E ( Y E A R - O V E R -Y E A R )
1Q 2 023 | E A S T EN D | 17
North Fork 1Q23
1Q22
%CHG (YR)
4Q22
%CHG (QTR)
SALES
123
133
-8%
92
+34%
VOLUME
$146.151M
AVERAGE PRICE
MEDIAN PRICE
$1.188M
$910K
$136.825M
+7%
$1.029M
$116.348M
+16%
$800K
$1.265M
+14%
$964K
+26%
-6%
Closed Sales
-6%
200 150 100 50 0
1Q18
Market Share by Price Range U N D ER $ 3 5 0 K
80% 60%
$ 50 0 K-$750 K
$ 7 5 0 K - $1M
$1M - $1. 5 M
6%
9%
9%
16%
12%
10%
14%
13%
1Q21
AV ERAG E P RI CE
1Q22
1Q23
MEDIAN PRICE
$1. 5 M +
$1.0M
16% 22%
34%
$1.2M
19%
15%
25%
35%
24%
33% 30%
0%
1Q20
$1.4M 5%
40% 20%
1Q19
Median and Average Price
23%
27%
13%
12%
1Q19
1Q20
19 % 2%
1Q21
24%
10%
10%
7%
6%
1Q22
1Q23
SALE PRICE
100%
$3 50 K-$ 50 0 K
CL O S ED S AL ES
250 NUMBER OF CLOSED SALES
SINGLE FAMILY
$800K $600K $400K $200K $0
1Q18
1Q19
1Q20
1Q21
1Q22
1Q23
1Q 2 023 | E A S T EN D | 18
Aquebogue/Jamesport SINGLE FAMILY
1Q23
1Q22
%CHG (YR)
Cutchogue 4Q22
%CHG (QTR)
SINGLE FAMILY
1Q23
1Q22
%CHG (YR)
4Q22
%CHG (QTR)
SALES
16
23
-30%
10
+60%
SALES
16
17
-6%
18
-11%
VOLUME
$12.084M
$20.164M
-40%
$7.596M
+59%
VOLUME
$20.172M
$21.295M
-5%
$32.897M
-39%
AVERAGE PRICE
$755K
$877K
-14%
$760K
-1%
AVERAGE PRICE
$1.261M
$1.253M
+1%
$1.828M
-31%
MEDIAN PRICE
$725K
$740K
-2%
$727K
0%
MEDIAN PRICE
$997K
$975K
+2%
$1.153M
-14%
Closed Sales
C LO SED SA LES
40
40
35
35 NUMBER OF CLOSED SALES
NUMBER OF CLOSED SALES
Closed Sales
30 25 20 15 10 5 0
30 25 20 15 10 5
1Q18
1Q19
1Q20
Median and Average Price
1Q21 AVERA GE P R IC E
1Q22
0
1Q23
MEDIAN PRICE
1Q18
$900K
$1.8M
$800K
$1.6M
$700K
$1.4M
$600K
$1.2M
$500K $400K $300K
$200K
1Q20
1Q21
1Q22
1Q23
AV ERAG E P RI CE
1Q22
1Q23
MEDIAN PRICE
$600K
$100K
1Q19
1Q21
$800K
$400K
1Q18
1Q20
$1.0M
$200K
$0
1Q19
Median and Average Price
SALE PRICE
SALE PRICE
CL O S ED S AL ES
$0
1Q18
1Q19
1Q20
1Q21
1Q22
1Q23
1Q 2 023 | E A S T EN D | 19
Mattituck/Laurel SINGLE FAMILY
1Q23
East Marion/Orient
1Q22
%CHG (YR)
4Q22
%CHG (QTR)
SINGLE FAMILY
1Q23
1Q22
%CHG (YR)
4Q22
%CHG (QTR)
SALES
33
29
+14%
24
+38%
SALES
16
10
+60%
10
+60%
VOLUME
$32.998M
$31.564M
+5%
$32.379M
+2%
VOLUME
$22.913M
$12.104M
+89%
$11.764M
+95%
AVERAGE PRICE
$1.000M
$1.088M
-8%
$1.349M
-26%
AVERAGE PRICE
$1.432M
$1.210M
+18%
$1.176M
+22%
MEDIAN PRICE
$675K
$755K
-11%
$1.288M
-48%
MEDIAN PRICE
$1.263M
$1.037M
+22%
$875K
+44%
Closed Sales
Closed Sales
C LO SED SA LES
60
CL O S ED S AL ES
20
NUMBER OF CLOSED SALES
NUMBER OF CLOSED SALES
18 50 40 30 20 10 0
14 12 10 8 6 4 2
1Q18
1Q19
1Q20
Median and Average Price
1Q21 AVERA GE P R IC E
1Q22
0
1Q23
MEDIAN PRICE
1Q18
$1.4M
$1.6M
$1.2M
$1.4M
SALE PRICE
$600K $400K
1Q21 AV ERAG E P RI CE
1Q22
1Q23
MEDIAN PRICE
$1.0M $800K $600K $400K
$200K
1Q18
1Q20
$1.2M
$800K
$0
1Q19
Median and Average Price
$1.0M SALE PRICE
16
$200K
1Q19
1Q20
1Q21
1Q22
1Q23
$0
1Q18
1Q19
1Q20
1Q21
1Q22
1Q23
1Q 2 023 | E A S T EN D | 2 0
Greenport SINGLE FAMILY
1Q23
Southold/Peconic 1Q22
%CHG (YR)
4Q22
%CHG (QTR)
SINGLE FAMILY
1Q23
1Q22
%CHG (YR)
4Q22
%CHG (QTR)
SALES
17
20
-15%
12
+42%
SALES
25
34
-26%
18
+39%
VOLUME
$20.491M
$21.812M
-6%
$13.158M
+56%
VOLUME
$37.493M
$29.887M
+25%
$18.554M
+102%
AVERAGE PRICE
$1.205M
$1.091M
+11%
$1.097M
+10%
AVERAGE PRICE
$1.500M
$879K
+71%
$1.031M
+45%
MEDIAN PRICE
$1.215M
$890K
+37%
$928K
+31%
MEDIAN PRICE
$979K
$807K
+21%
$938K
+4%
Closed Sales
C LO SED SA LES
40
80
35
70 NUMBER OF CLOSED SALES
NUMBER OF CLOSED SALES
Closed Sales
30 25 20 15 10 5 0
60 50 40 30 20 10
1Q18
1Q19
1Q20
Median and Average Price
1Q21 AVERA GE P R IC E
1Q22
0
1Q23
MEDIAN PRICE
1Q18
$1.4M
$1.6M
$1.2M
$1.4M
SALE PRICE
$600K $400K
1Q21 AV ERAG E P RI CE
1Q22
1Q23
MEDIAN PRICE
$1.0M $800K $600K $400K
$200K
1Q18
1Q20
$1.2M
$800K
$0
1Q19
Median and Average Price
$1.0M SALE PRICE
CL O S ED S AL ES
$200K
1Q19
1Q20
1Q21
1Q22
1Q23
$0
1Q18
1Q19
1Q20
1Q21
1Q22
1Q23
1Q 2 023 | E A S T EN D | 21
The Residential Luxury Market The luxury market is defi ned as the top 10% of all residential sales made within the reported quarter. As various factors redefi ne the high-end market in any given period, these numbers may exhibit more volatility than the market overall. Because the luxury market is a fi xed percentage of the overall market, the change in reported luxury sales will always match the overall market. In First Quarter 2023, the East End luxury market saw divergent trends. Median price on the South Fork fell by 14% to $8.99M, while they increased by 38% to $2.97M on the North Fork. There were 44% fewer closings above $10M on the South Fork compared to First Quarter 2022, whereas the number of closings above $2M on the North Fork grew 50%. The location of luxury transactions on the East End was more diverse than in past quarters, with no submarket dominating the field. East Hampton and Southampton had the most luxury sales, with 10 and 9 closings reported, respectively. On the North Fork, Southold/Peconic had the most luxury sales reported, including the North Fork’s priciest sale of the quarter.
Water Mill | $12M | WEB# 415114
SOUTH FORK
1Q23
1Q22
%CHG (YR)
4Q22
%CHG (QTR)
SALES
45
64
-30%
32
+41% +45%
VOLUME
$632.519M
$995.764M
-36%
$436.898M
AVERAGE
$14.056M
$15.559M
-10%
$13.653M
+3%
MEDIAN
$8.995M
$10.475M
-14%
$11.775M
-24%
1Q23
1Q22
%CHG (YR)
4Q22
%CHG (QTR)
NORTH FORK
SALES
12
13
-8%
9
+33%
VOLUME
$37.833M
$33.751M
+12%
$30.700M
+23%
AVERAGE
$3.153M
$2.596M
+21%
$3.411M
-8%
MEDIAN
$2.963M
$2.150M
+38%
$2.850M
+4%
Westhampton Beach | $21.5M | WEB# 883749
1Q 2 023 | E A S T EN D | 2 2
Condos Overall East End reported condominium sales were down 41% year-over-year and 20% from Fourth Quarter 2022. The decrease can be attributed to the South Fork, where there were fewer than half as many sales as a year ago and 17% fewer than the previous quarter. A very limited number of condominium sales typically occur on the North Fork; the 30% annual increase was due to just three additional reported closings. Sales volume fell 61% from a year ago on the South Fork but increased 24% on the North Fork. South Fork average price declined 14% because of fewer sales over $2M, but median price increased 1%. North Fork average price decreased 5% because there were no sales over $1M, unlike a year ago, plus a sale under $200K helped skew the figure down. However, median price increased 10% to $880K.
SOUTH FORK
1Q23
1Q22
%CHG (YR)
4Q22
%CHG (QTR)
SALES
24
53
-55%
29
-17%
VOLUME
$26.755M
$68.572M
-61%
$32.868M
-19%
AVERAGE
$1.115M
$1.294M
-14%
$1.133M
-2%
MEDIAN
$917K
$910K
+1%
$900K
+2%
More sales took place in Cutchogue and Southampton than any other areas, together making up nearly 40% of the quarter’s overall reported condominium sales. Over half of the Southampton closings were at Village Green, a newly built luxury condominium in Tuckahoe.
NORTH FORK
Eight of the thirteen reported condominium closings on the North Fork occurred at Harvest Pointe, a new development in Cutchogue. In First Quarter 2023, these sales represented the highest priced condominium sales on the North Fork. A year ago sales at Harvest Pointe were flanked by both lower and higher price points.
East Quogue | $319K | WEB# 876365
1Q23
1Q22
%CHG (YR)
4Q22
%CHG (QTR)
SALES
13
10
+30%
17
-24%
VOLUME
$10.093M
$8.159M
+24%
$15.086M
-33%
AVERAGE
$776K
$816K
-5%
$887K
-13%
MEDIAN
$880K
$801K
+10%
$880K
0%
Laurel | $999K | WEB# 481874
1Q 2 023 | E A S T EN D | 23
Land & Commercial OVERVIEW The land market is defined as the total sales of all vacant land on the East End regardless of zoning classifications. The commercial market encompasses sales of existing buildings classified for nonresidential use only. Traditionally both Forks experience relatively few commercial transactions in any given quarter. THE LAND MARKET Nearly 70 vacant land transactions occurred on Long Island’s East End overall in First Quarter 2023, down 39% from a year ago but up 47% from the previous quarter. South Fork transactions fell more significantly, decreasing 41% annually, but increased more significantly quarter-over-quarter, jumping 76%. South Fork sales volume fell less than the number of sales because of higher prices. Median price increased 15% and average price jumped 31% due to a smaller share of sales under $500K. A $20M oceanfront sale in Water Mill also contributed to the increase in average price. There were 33% fewer reported vacant land closings on the North Fork versus a year ago. Average price fell 47% largely due to one very large land sale for $11M in Aquebogue a year ago. Excluding that sale, average price would have dropped 14%. Median price increased 2%, a difference of $10K. THE COMMERCIAL MARKET One-third fewer South Fork commercial sales were reported compared to a year ago, a difference of nine transactions. Despite the decreased number of transactions, volume jumped 55% due to the $77.5M sale of Marram Montauk, a 96-room hotel on the ocean. As a result, average price surged 133%, but median price, a metric less subject to outliers, fell 35% because of fewer sales over $3M. Commercial sales on the North Fork fell by nearly 60% compared to First Quarter 2022, though the limited nature of reported commercial sales on the North Fork meant this seemingly large decrease was only a difference of eight deals. The drop in sales resulted in a 59% annual decrease in sales volume. While average price decreased 4%, median price increased 30% because of a greater share of sales over $1M. THE INVENTORY Inventory is the total number of East End properties listed for sale at the end of a particular period. First Quarter 2023 inventory was 1,735 listings. This represented a minimal increase of 1% annually and 0.1% quarterly. First Quarter 2023 marked the sixth consecutive quarter with fewer than 2,000 listings and the third lowest inventory statistic since 2019. Please note that Corcoran switched to a new listing system during Second Quarter 2019. Therefore, the inventory figure cannot be compared to that published in reports prior to that quarter.
Land SOUTH FORK
1Q23
1Q22
%CHG (YR)
4Q22
%CHG (QTR)
SALES
51
86
-41%
29
+76%
VOLUME
$131.356M
$169.563M
-23%
$66.235M
+98%
AVERAGE
$2.576M
$1.972M
+31%
$2.284M
+13%
MEDIAN
$1.050M
$917K
+15%
$850K
+24%
1Q23
1Q22
%CHG (YR)
4Q22
%CHG (QTR)
NORTH FORK
SALES
18
27
-33%
18
0%
VOLUME
$10.480M
$29.884M
-65%
$8.213M
+28%
AVERAGE
$582K
$1.107M
-47%
$456K
+28%
MEDIAN
$485K
$475K
+2%
$320K
+52%
Commercial SOUTH FORK
1Q23
1Q22
%CHG (YR)
4Q22
%CHG (QTR)
SALES
18
27
-33%
15
+20%
VOLUME
$125.889M
$81.191M
+55%
$60.250M
+109%
AVERAGE
$6.994M
$3.007M
+133%
$4.017M
+74%
MEDIAN
$1.750M
$2.695M
-35%
$3.300M
-47%
1Q23
1Q22
%CHG (YR)
4Q22
%CHG (QTR)
NORTH FORK
SALES
6
14
-57%
4
+50%
VOLUME
$7.346M
$17.924M
-59%
$8.059M
-9%
AVERAGE
$1.224M
$1.280M
-4%
$2.015M
-39%
MEDIAN
$1.155M
$888K
+30%
$1.980M
-42%
1Q 2 023 | E A S T EN D | 24
Methodology & Source For the purposes of the South Fork market comparison, this report contrasts the villages and hamlets from Remsenburg to Montauk, plus Shelter Island, while the North Fork encompasses the area extending from Aquebogue to Orient. In September 2022, an attack on Suffolk County government systems caused a significant disruption in recorded real estate data. As a result, no closings were reported during the first three weeks of Fourth Quarter 2022. Sales counts and volume totals shown in the report may be affected. The Corcoran Report uses market-wide data from the Long Island Real Estate Report and is based upon transactions reported from January through March 2023. It compares data to that reported in the same period of 2022 as well as the prior quarter. There can be a significant period between when a contract is signed, the sale is closed, and then reported publicly. As a result, many transactions in this analysis actually occurred prior to being reported in First Quarter 2023.
The Corcoran Group is a licensed real estate broker located at 2411 Main St., Bridgehampton, NY 11932.