The Corcoran Report 2Q | 2023 | EAST END
2Q 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.
2Q 2 023 | E A S T EN D | 3
Southampton | $14.995M | WEB# 903045
South Fork With the frenzied post-Covid market in the rear-view mirror, low inventory and higher mortgage rates further slowed the Hamptons market. In Second Quarter 2023, South Fork single-family home sales declined a substantial 46% year-over-year, marking the seventh consecutive quarter of annual decline. This was the slowest second quarter since 2012, surpassing the previous low from Second Quarter 2019. All but one South Fork village and hamlet reported significant decreases in sales, with most seeing annual declines of 40% or greater. Westhampton Beach exhibited the smallest decline at 32%, whereas Bridgehampton/Sagaponack reported the most significant drop with 81% fewer sales. Shelter Island was the only submarket to report a jump in sales, increasing 40% annually. The major decrease in sales heavily impacted sales volume, which fell 49% annually. Except for Shelter Island, which had an increase of 117% due to an $8.7M sale, all other submarkets saw annual declines of at least 15% in sales volume. Second Quarter 2023 was the second consecutive quarter with an annual decline in average and median price, which had not happened in four years. Price metrics by submarkets portrayed a more mixed picture. Median price increased in more than half of the submarkets. Notably, Water Mill had the most significant increase, up 170% year-over-year as nearly 60% of sales were over $5M versus 15% in Second Quarter 2022. Amagansett had the largest decline in average price, at 51%, because this year there were no reported closings over $4M.
Single Family Sales
Sales Volume
372
$995.017M
Average Sales Price
Median Sales Price
$2.675M
$1.651M
- 46% YEAR OVER YEAR
- 6% YEAR OVER YEAR
- 49% YEAR OVER YEAR
-3% YEAR OVER YEAR
2Q 2 023 | E A S T EN D | 4
Shelter Island
Neighborhoods South Fork
SINGLE FAMILY SALES
14
VOLUME
AV ER AGE PR I CE
M E DI A N PR I CE
+117%
+55%
+50%
VOLUME
AV ER AGE PR I CE
M E DI A N PR I CE
-54%
-13%
-4%
VOLUME
AV ER AGE PR I CE
M E DI A N PR I CE
-37%
+13%
-20%
VOLUME
AV ER AGE PR I CE
M E DI A N PR I CE
-91%
-51%
$36.541M $2.610M $2.163M
+40%
Sag Harbor/North Haven SINGLE FAMILY SALES
45
% C H A N G E ( Y E A R - O V E R -Y E A R )
$112.306M $2.496M $1.700M
-47%
Montauk SINGLE FAMILY SALES
15
$42.875M $2.858M $1.600M
-44%
Bridgehampton/Sagaponack SINGLE FAMILY SALES
14 -68
%
Amagansett
VOLUME
AV ER AGE PR I CE
M E DI A N PR I CE
SINGLE FAMILY SALES
-81
-41
-7
-81
$51.321M $3.666M $3.675M %
%
%
East Hampton Village SINGLE FAMILY SALES
8
-53%
5
$13.060M $2.612M $2.600M
%
-27%
East Hampton
VOLUME
AV ER AGE PR I CE
M E DI A N PR I CE
SINGLE FAMILY SALES
-35%
+38%
-33%
-45%
$70.205M $8.776M $3.798M
84
VOLUME
AV ER AGE PR I CE
M E DI A N PR I CE
-41%
+6%
+1%
$174.332M $2.075M $1.680M
2Q 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
12 -56
SINGLE FAMILY SALES
VOLUME
AV ER AGE PR I CE
M E DI A N PR I CE
$33.225M $5.538M $3.800M
-40%
-44%
-15%
+92%
+170%
SINGLE FAMILY SALES
17 -32%
VOLUME
AV ER AGE PR I CE
M E DI A N PR I CE
44 -47
%
-48%
-2%
+5%
$86.845M $1.974M $1.675M
+20%
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
-37%
-7%
+6%
-47%
-46%
+2%
+18%
VOLUME
AV ER AGE PR I CE
M E DI A N PR I CE
+12%
+10%
$61.246M $3.603M $3.400M
Westhampton/Remsenburg SINGLE FAMILY SALES
SINGLE FAMILY SALES
-7%
Westhampton Beach
-42%
M E DI A N PR I CE
Southampton
Quogue
15
AV ER AGE PR I CE
$88.016M $7.335M $7.550M
%
6
VOLUME
Southampton Village
23
$135.852M $5.907M $3.950M
East Quogue/Hampton Bays
VOLUME
AV ER AGE PR I CE
M E DI A N PR I CE
SINGLE FAMILY SALES
70
$68.183M
-45%
-5%
-4%
-40%
-33%
$21.010M $1.401M $1.250M
$974K
$828K
2Q 2 023 | E A S T EN D | 6
East of the Canal SINGLE FAMILY
2Q23
2Q22
%CHG (YR)
1Q23
%CHG (QTR)
Closed Sales
CL O S ED S AL ES
800
264
VOLUME
514
$811.352M
AVERAGE PRICE
MEDIAN PRICE
$3.073M
$1.988M
-49%
$1.670B
319
-51%
$3.249M
$1.257M
-5%
$2.094M
$3.941M
-5%
$2.310M
-17% NUMBER OF CLOSED SALES
SALES
-35%
-22%
-14%
700 600 500 400 300 200 100 0
Market Share by Price Range U N D ER $ 5 0 0 K
80% 60%
$2M-$3M
9%
$3M-$5M
2Q21
AV ERAG E P RI CE
2Q22
2Q23
MEDIAN PRICE
$5M+
10%
11%
13%
14%
13%
13%
11%
16%
17%
20%
28%
$3.5M
17%
21%
27%
33% 34%
$4.0M
$3.0M 18%
34%
30%
6%
4%
2Q19
2Q20
$2.5M $2.0M $1.5M $1.0M
36% 19%
0%
2Q20
$4.5M 9%
40% 20%
$1M - $ 2 M
2Q19
Median and Average Price
SALE PRICE
100%
$ 5 0 0 K - $1M
2Q18
2Q21
17% 1%
2Q22
$500K
16% 1%
2Q23
0%
$0
2Q18
2Q19
2Q20
2Q21
2Q22
2Q23
2Q 2 023 | E A S T EN D | 7
Amagansett SINGLE FAMILY
2Q23
Bridgehampton/Sagaponack 2Q22
%CHG (YR)
1Q23
%CHG (QTR)
SINGLE FAMILY
2Q23
2Q22
%CHG (YR)
1Q23
%CHG (QTR)
SALES
5
26
-81%
11
-55%
SALES
14
44
-68%
19
-26%
VOLUME
$13.060M
$139.384M
-91%
$48.161M
-73%
VOLUME
$51.321M
$275.633M
-81%
$127.766M
-60%
AVERAGE PRICE
$2.612M
$5.361M
-51%
$4.378M
-40%
AVERAGE PRICE
$3.666M
$6.264M
-41%
$6.725M
-45%
MEDIAN PRICE
$2.600M
$3.550M
-27%
$3.100M
-16%
MEDIAN PRICE
$3.675M
$3.962M
-7%
$2.999M
+23%
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
2Q18
2Q19
2Q20
Median and Average Price
2Q21 AVERA GE P R IC E
2Q22
0
2Q23
MEDIAN PRICE
2Q18
$8.0M
$12.0M
$7.0M
SALE PRICE
$8.0M $6.0M $4.0M
2Q21 AV ERAG E P RI CE
2Q22
2Q23
MEDIAN PRICE
$5.0M $4.0M $3.0M $2.0M
$2.0M
2Q18
2Q20
$6.0M
$10.0M
$0
2Q19
Median and Average Price
$14.0M
SALE PRICE
CL O S ED S AL ES
$1.0M
2Q19
2Q20
2Q21
2Q22
2Q23
$0
2Q18
2Q19
2Q20
2Q21
2Q22
2Q23
2Q 2 023 | E A S T EN D | 8
East Hampton SINGLE FAMILY
2Q23
2Q22
East Hampton Village %CHG (YR)
1Q23
%CHG (QTR)
SINGLE FAMILY
2Q23
2Q22
%CHG (YR)
1Q23
%CHG (QTR)
SALES
84
152
-45%
108
-22%
SALES
8
17
-53%
16
-50%
VOLUME
$174.332M
$296.487M
-41%
$253.973M
-31%
VOLUME
$70.205M
$108.269M
-35%
$214.763M
-67%
AVERAGE PRICE
$2.075M
$1.951M
+6%
$2.352M
-12%
AVERAGE PRICE
$8.776M
$6.369M
+38%
$13.423M
-35%
MEDIAN PRICE
$1.680M
$1.663M
+1%
$1.753M
-4%
MEDIAN PRICE
$3.798M
$5.700M
-33%
$6.300M
-40%
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
2Q18
2Q19
2Q20
Median and Average Price
2Q21 AVERA GE P R IC E
2Q22
MEDIAN PRICE
$3.0M
2Q20
Median and Average Price
2Q21 AV ERAG E P RI CE
2Q22
2Q23
MEDIAN PRICE
$12.0M $10.0M
SALE PRICE
SALE PRICE
2Q19
$14.0M
$2.0M $1.5M $1.0M
$8.0M $6.0M $4.0M
$500K
2Q18
2Q18
$16.0M
$2.5M
$0
0
2Q23
$2.0M
2Q19
2Q20
2Q21
2Q22
2Q23
$0
2Q18
2Q19
2Q20
2Q21
2Q22
2Q23
2Q 2 023 | E A S T EN D | 9
Montauk SINGLE FAMILY
2Q23
Sag Harbor/North Haven 2Q22
%CHG (YR)
1Q23
%CHG (QTR)
SINGLE FAMILY
2Q23
2Q22
%CHG (YR)
1Q23
%CHG (QTR)
SALES
15
27
-44%
18
-17%
SALES
45
85
-47%
46
-2%
VOLUME
$42.875M
$68.458M
-37%
$62.490M
-31%
VOLUME
$112.306M
$243.993M
-54%
$152.092M
-26%
AVERAGE PRICE
$2.858M
$2.535M
+13%
$3.472M
-18%
AVERAGE PRICE
$2.496M
$2.871M
-13%
$3.306M
-25%
MEDIAN PRICE
$1.600M
$2.000M
-20%
$2.795M
-43%
MEDIAN PRICE
$1.700M
$1.780M
-4%
$2.410M
-29%
60
120
50
100
40 30 20 10 0
CL O S ED S AL ES
80 60 40 20
2Q18
2Q19
2Q20
Median and Average Price
2Q21 AVERA GE P R IC E
2Q22
0
2Q23
MEDIAN PRICE
2Q18
$4.0M
$3.5M
$3.5M
$3.0M
$3.0M
$2.5M
$2.5M $2.0M $1.5M
2Q20
2Q21 AV ERAG E P RI CE
2Q22
2Q23
MEDIAN PRICE
$2.0M $1.5M $1.0M
$1.0M $500K
$500K
$0
$0
2Q18
2Q19
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
2Q19
2Q20
2Q21
2Q22
2Q23
2Q18
2Q19
2Q20
2Q21
2Q22
2Q23
2Q 2 023 | E A S T EN D | 10
Southampton SINGLE FAMILY
2Q23
Southampton Village
2Q22
%CHG (YR)
1Q23
%CHG (QTR)
SINGLE FAMILY
2Q23
2Q22
%CHG (YR)
1Q23
%CHG (QTR)
+15%
SALES
44
83
-47%
54
-19%
SALES
23
43
-47%
20
VOLUME
$86.845M
$167.495M
-48%
$114.428M
-24%
VOLUME
$135.852M
$250.113M
-46%
$173.304M
-22%
AVERAGE PRICE
$1.974M
$2.018M
-2%
$2.119M
-7%
AVERAGE PRICE
$5.907M
$5.817M
+2%
$8.665M
-32%
MEDIAN PRICE
$1.675M
$1.600M
+5%
$1.300M
+29%
MEDIAN PRICE
$3.950M
$3.350M
+18%
$3.325M
+19%
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
2Q18
2Q19
2Q20
Median and Average Price
2Q21 AVERA GE P R IC E
2Q22
MEDIAN PRICE
$3.0M
30 20 10
2Q18
2Q20
Median and Average Price
2Q21 AV ERAG E P RI CE
2Q22
2Q23
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
2Q18
2Q19
$14.0M
$2.5M
SALE PRICE
40
0
2Q23
CL O S ED S AL ES
2Q19
2Q20
2Q21
2Q22
2Q23
2Q18
2Q19
2Q20
2Q21
2Q22
2Q23
2Q 2 023 | E A S T EN D | 11
Shelter Island SINGLE FAMILY
2Q23
Water Mill
2Q22
%CHG (YR)
1Q23
%CHG (QTR)
SINGLE FAMILY
2Q23
2Q22
%CHG (YR)
1Q23
%CHG (QTR)
-20%
SALES
14
10
+40%
12
+17%
SALES
12
27
-56%
15
VOLUME
$36.541M
$16.839M
+117%
$29.207M
+25%
VOLUME
$88.016M
$103.380M
-15%
$80.909M
+9%
AVERAGE PRICE
$2.610M
$1.684M
+55%
$2.434M
+7%
AVERAGE PRICE
$7.335M
$3.829M
+92%
$5.394M
+36%
MEDIAN PRICE
$2.163M
$1.438M
+50%
$1.613M
+34%
MEDIAN PRICE
$7.550M
$2.800M
+170%
$4.625M
+63%
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
2Q18
2Q19
2Q20
AVERA GE P R IC E
2Q22
MEDIAN PRICE
40 30 20 10 0
2Q23
2Q18
$3.0M
$12.0M
$2.5M
$10.0M
$2.0M
$8.0M
$1.5M $1.0M $500K $0
2Q19
2Q20
Median and Average Price
SALE PRICE
SALE PRICE
Median and Average Price
2Q21
50
2Q21 AV ERAG E P RI CE
2Q22
2Q23
MEDIAN PRICE
$6.0M $4.0M $2.0M
2Q18
2Q19
2Q20
2Q21
2Q22
2Q23
$0
2Q18
2Q19
2Q20
2Q21
2Q22
2Q23
2Q 2 023 | E A S T EN D | 12
West of the Canal 2Q23
2Q22
%CHG (YR)
1Q23
%CHG (QTR)
SALES
108
178
-39%
134
-19%
VOLUME
$183.664M
AVERAGE PRICE
$1.701M
MEDIAN PRICE
$999.5K
$295.772M
-38%
$1.662M
$202.298M
+2%
$913K
$1.510M
+10%
$999.5K
-9%
+13%
Closed Sales
NUMBER OF CLOSED SALES
SINGLE FAMILY
0%
300 250 200 150 100 50 0
2Q18
Market Share by Price Range U N D ER $ 5 0 0 K
$ 5 0 0 K - $1M 0%
100% 12%
80%
2%
$1M - $ 2 M 3%
2% 6%
4%
$3M-$5M
9%
3%
7%
4% 6%
24%
6%
2Q20
2Q23
MEDIAN PRICE
$1.4M $1.2M
30%
47% 46%
20%
2Q19
AV ERAG E P RI CE
2Q22
$1.6M
6%
SALE PRICE
43%
0%
7%
49%
21%
2Q21
$1.8M 4%
57%
26%
2Q20
$5M+
18%
40%
2Q19
Median and Average Price $2M-$3M
30%
60%
CL O S ED S AL ES
$1.0M $800K $600K $400K $200K
11%
12%
2Q21
2Q22
5%
2Q23
$0
2Q18
2Q19
2Q20
2Q21
2Q22
2Q23
2Q 2 023 | E A S T EN D | 13
East Quogue/Hampton Bays
Quogue
SINGLE FAMILY
SINGLE FAMILY
2Q23
2Q22
%CHG (YR)
1Q23
%CHG (QTR)
2Q23
2Q22
%CHG (YR)
1Q23
%CHG (QTR)
SALES
70
117
-40%
82
-15%
SALES
6
10
-40%
8
-25%
VOLUME
$68.183M
$101.787M
-33%
$79.911M
-15%
VOLUME
$33.225M
$59.292M
-44%
$24.990M
+33%
AVERAGE PRICE
$974K
$870K
+12%
$975K
0%
AVERAGE PRICE
$5.538M
$5.929M
-7%
$3.124M
+77%
MEDIAN PRICE
$828K
$750K
+10%
$808K
+3%
MEDIAN PRICE
$3.800M
$3.175M
+20%
$2.700M
+41%
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
2Q18
2Q19
2Q20
Median and Average Price
2Q21 AVERA GE P R IC E
2Q22
MEDIAN PRICE
20 15 10 5
2Q18
2Q19
2Q20
Median and Average Price
2Q21 AV ERAG E P RI CE
2Q22
2Q23
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
2Q23
$1.2M
SALE PRICE
CL O S ED S AL ES
$1.0M
2Q18
2Q19
2Q20
2Q21
2Q22
2Q23
$0
2Q18
2Q19
2Q20
2Q21
2Q22
2Q23
2Q 2 023 | E A S T EN D | 14
Westhampton Beach SINGLE FAMILY
2Q23
2Q22
%CHG (YR)
Westhampton/Remsenburg 1Q23
%CHG (QTR)
SINGLE FAMILY
2Q23
2Q22
%CHG (YR)
1Q23
%CHG (QTR)
SALES
17
25
-32%
22
-23%
SALES
15
26
-42%
22
-32%
VOLUME
$61.246M
$96.534M
-37%
$59.790M
+2%
VOLUME
$21.010M
$38.159M
-45%
$37.607M
-44%
AVERAGE PRICE
$3.603M
$3.861M
-7%
$2.718M
+33%
AVERAGE PRICE
$1.401M
$1.468M
-5%
$1.709M
-18%
MEDIAN PRICE
$3.400M
$3.200M
+6%
$2.405M
+41%
MEDIAN PRICE
$1.250M
$1.305M
-4%
$1.480M
-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
2Q18
2Q19
2Q20
Median and Average Price
2Q21 AVERA GE P R IC E
2Q22
30 20 10
2Q18
$4.0M
$1.8M
$3.5M
$1.6M
SALE PRICE
$2.0M $1.5M $1.0M
2Q21 AV ERAG E P RI CE
2Q22
2Q23
MEDIAN PRICE
$1.2M $1.0M $800K $600K $400K
$500K
2Q18
2Q20
$1.4M
$2.5M
$0
2Q19
Median and Average Price
$3.0M SALE PRICE
40
0
2Q23
MEDIAN PRICE
50
$200K
2Q19
2Q20
2Q21
2Q22
2Q23
$0
2Q18
2Q19
2Q20
2Q21
2Q22
2Q23
2Q 2 023 | E A S T EN D | 15
Cutchogue | $5,995,000 | WEB# 903347
North Fork
Single Family
In Second Quarter 2023, North Fork single-family home sales fell 27% year-over-year, marking the eighth consecutive quarter with an annual decline. North Fork sales volume had a 22% overall decline. Most North Fork submarkets saw double-digit annual drops in sales except for Greenport which had the smallest decline of 4%, and East Marion/Orient which increased in sales by two deals annually. Mattituck/Laurel and Southold/Peconic saw the steepest declines, each falling 41%.
Sales
Sales Volume
103
Average and median prices had annual increases of 7% and 2%, respectively. Four of the six submarkets saw annual average price growth. Cutchogue average price increased 65% annually as there were half as many sales under $1M. Greenport had the largest decline, falling 16%. Median price followed the same trend as average price with four of the six submarkets increasing annually. Aquebogue/Jamesport saw the most significant increase in median price because the majority of the submarket’s deals were above $800K.
-27% YEAR OVER YEAR
$115.157M
Average Sales Price
Median Sales Price
$1.118M
$890K
+7% YEAR OVER YEAR
-22% YEAR OVER YEAR
+2% YEAR OVER YEAR
2Q 2 023 | E A S T EN D | 16
Neighborhoods North Fork Cutchogue SINGLE FAMILY SALES
12 -14%
Southold/Peconic 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
+42%
+65%
+25%
-41%
-49%
-14%
+1%
VOLUME
AV ER AGE PR I CE
M E DI A N PR I CE
-19
-16
-14%
VOLUME
AV ER AGE PR I CE
M E DI A N PR I CE
+68%
+40%
+20%
$16.903M $1.409M $950K
Mattituck/Laurel SINGLE FAMILY SALES
16 -41%
26
$24.534M $944K
Greenport
VOLUME
AV ER AGE PR I CE
M E DI A N PR I CE
SINGLE FAMILY SALES
-40%
+1%
-11%
-4
$19.487M $1.218M
$838K
Aquebogue/Jamesport
22 %
$21.794M $991K %
%
$840K
East Marion/Orient
15
VOLUME
$14.160M
AV ER AGE PR I CE
M E DI A N PR I CE
SINGLE FAMILY SALES
-35%
-10%
+37%
+28%
+20%
SINGLE FAMILY SALES
$923K
$994K
$850K
12
$18.279M $1.523M $1.288M
% C H A N G E ( Y E A R - O V E R -Y E A R )
2Q 2 023 | E A S T EN D | 17
North Fork SINGLE FAMILY
2Q23
2Q22
%CHG (YR)
1Q23
%CHG (QTR)
SALES
103
141
-27%
123
-16%
$115.157M
AVERAGE PRICE
MEDIAN PRICE
$1.118M
$890K
$146.816M
-22%
$1.041M
$146.151M
+7%
$875K
$1.188M
+2%
$913K
-21%
-6%
-2%
200 150 100 50 0
2Q18
Market Share by Price Range U N D ER $ 3 5 0 K
$3 50 K-$ 50 0 K
4%
6%
9%
80%
14%
16%
$ 7 5 0 K - $1M
$1M - $1. 5 M
2Q21
AV ERAG E P RI CE
2Q22
2Q23
MEDIAN PRICE
$1. 5 M +
36%
34%
13%
16%
14%
$1.2M
19%
22%
$1.0M
16%
2 5% 28%
30%
27%
26%
40% 29%
28% 13 %
8%
10%
2Q19
2Q20
4%
2Q21
$800K $600K $400K
30%
0%
2Q20
Median and Average Price
SALE PRICE
6%
20%
2Q19
$1.4M
100%
60%
$ 50 0 K-$750 K
CL O S ED S AL ES
250 NUMBER OF CLOSED SALES
VOLUME
Closed Sales
7%
2Q22
2%
8%
2Q23
$200K 1%
$0
2Q18
2Q19
2Q20
2Q21
2Q22
2Q23
2Q 2 023 | E A S T EN D | 18
Aquebogue/Jamesport SINGLE FAMILY
2Q23
2Q22
%CHG (YR)
Cutchogue 1Q23
%CHG (QTR)
SINGLE FAMILY
2Q23
2Q22
%CHG (YR)
1Q23
%CHG (QTR)
SALES
15
23
-35%
16
-6%
SALES
12
14
-14%
16
-25%
VOLUME
$14.160M
$15.792M
-10%
$12.084M
+17%
VOLUME
$16.903M
$11.933M
+42%
$20.172M
-16%
AVERAGE PRICE
$944K
$687K
+37%
$755K
+25%
AVERAGE PRICE
$1.409M
$852K
+65%
$1.261M
+12%
MEDIAN PRICE
$850K
$665K
+28%
$725K
+17%
MEDIAN PRICE
$950K
$760K
+25%
$997K
-5%
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
2Q18
2Q19
2Q20
Median and Average Price
2Q21 AVERA GE P R IC E
2Q22
0
2Q23
MEDIAN PRICE
2Q18
$900K
$1.8M
$800K
$1.6M
$700K
$1.4M
$600K
$1.2M
$500K $400K $300K
$200K
2Q20
2Q21
2Q22
2Q23
AV ERAG E P RI CE
2Q22
2Q23
MEDIAN PRICE
$600K
$100K
2Q19
2Q21
$800K
$400K
2Q18
2Q20
$1.0M
$200K
$0
2Q19
Median and Average Price
SALE PRICE
SALE PRICE
CL O S ED S AL ES
$0
2Q18
2Q19
2Q20
2Q21
2Q22
2Q23
2Q 2 023 | E A S T EN D | 19
Mattituck/Laurel SINGLE FAMILY
2Q23
2Q22
East Marion/Orient
%CHG (YR)
1Q23
%CHG (QTR)
SINGLE FAMILY
2Q23
2Q22
%CHG (YR)
1Q23
%CHG (QTR)
SALES
16
27
-41%
33
-52%
SALES
12
10
+20%
16
-25%
VOLUME
$19.487M
$32.698M
-40%
$32.998M
-41%
VOLUME
$18.279M
$10.866M
+68%
$22.913M
-20%
AVERAGE PRICE
$1.218M
$1.211M
+1%
$1.000M
+22%
AVERAGE PRICE
$1.523M
$1.087M
+40%
$1.432M
+6%
MEDIAN PRICE
$838K
$945K
-11%
$675K
+24%
MEDIAN PRICE
$1.288M
$1.076M
+20%
$1.263M
+2%
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
2Q18
2Q19
2Q20
Median and Average Price
2Q21 AVERA GE P R IC E
2Q22
0
2Q23
MEDIAN PRICE
2Q18
$1.6M
$1.6M
$1.4M
$1.4M
$1.2M
$1.2M
$1.0M
$1.0M
$800K $600K
$200K
$200K
2Q19
2Q20
2Q21
2Q22
2Q23
2Q21 AV ERAG E P RI CE
2Q22
2Q23
MEDIAN PRICE
$600K $400K
2Q18
2Q20
$800K
$400K
$0
2Q19
Median and Average Price
SALE PRICE
SALE PRICE
16
$0
2Q18
2Q19
2Q20
2Q21
2Q22
2Q23
2Q 2 023 | E A S T EN D | 2 0
Greenport SINGLE FAMILY
2Q23
Southold/Peconic 2Q22
%CHG (YR)
1Q23
%CHG (QTR)
SINGLE FAMILY
2Q23
2Q22
%CHG (YR)
1Q23
%CHG (QTR)
SALES
22
23
-4%
17
+29%
SALES
26
44
-41%
25
+4%
VOLUME
$21.794M
$27.058M
-19%
$20.491M
+6%
VOLUME
$24.534M
$48.468M
-49%
$37.493M
-35%
AVERAGE PRICE
$991K
$1.176M
-16%
$1.205M
-18%
AVERAGE PRICE
$944K
$1.102M
-14%
$1.500M
-37%
MEDIAN PRICE
$840K
$975K
-14%
$1.215M
-31%
MEDIAN PRICE
$923K
$911K
+1%
$979K
-6%
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
2Q18
2Q19
2Q20
Median and Average Price
2Q21 AVERA GE P R IC E
2Q22
0
2Q23
MEDIAN PRICE
2Q18
$1.4M
$1.6M
$1.2M
$1.4M
SALE PRICE
$600K $400K
2Q21 AV ERAG E P RI CE
2Q22
2Q23
MEDIAN PRICE
$1.0M $800K $600K $400K
$200K
2Q18
2Q20
$1.2M
$800K
$0
2Q19
Median and Average Price
$1.0M SALE PRICE
CL O S ED S AL ES
$200K
2Q19
2Q20
2Q21
2Q22
2Q23
$0
2Q18
2Q19
2Q20
2Q21
2Q22
2Q23
2Q 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 Second Quarter 2023,South Fork luxury average price decreased 12%; last year three closings were reported over $30M while this year there were none. On the North Fork, all luxury sales were above $2M, whereas last year several were below that threshold, increasing the average sale price by 19%. Souhthampton and Water Mill made up 40% of South Fork luxury sales with Southhampton recording the highest number at ten deals. Easthampton was the only submarket in the East End to have multiple deals above $20M. Cutchogue had three luxury transactions leading all submarkets in the North Fork and included the highest priced sale at $4.25M.
Sagaponack | $9.95M | WEB# 902369
SOUTH FORK
2Q23
2Q22
%CHG (YR)
1Q23
%CHG (QTR)
SALES
37
69
-46%
45
-18%
VOLUME
$372.843M
$788.260M
-56%
$632.519M
-41%
AVERAGE
$10.077M
$11.424M
-12%
$14.056M
-28%
MEDIAN
$7.850M
$8.865M
-11%
$8.995M
-13%
2Q23
2Q22
%CHG (YR)
1Q23
%CHG (QTR)
NORTH FORK
SALES
10
14
-29%
12
-17%
VOLUME
$28.555M
$33.463M
-15%
$37.833M
-25%
AVERAGE
$2.856M
$2.390M
+19%
$3.153M
-9%
MEDIAN
$2.650M
$2.175M
+22%
$2.963M
-11%
Bridgehampton | $5.725M | WEB# 894359
2Q 2 023 | E A S T EN D | 2 2
Condos Overall, East End reported condominium sales were down 48% year-over-year and down 14% from First Quarter 2023. The decrease can mostly be attributed to the South Fork, where there were fewer than half as many sales as a year ago and 13% fewer than in the previous quarter. Sales volume fell 50% from a year ago on the South Fork but increased 14% on the North Fork. Despite the declines in sales, both the South Fork and North Fork saw increases in average price and median price.
SOUTH FORK
2Q23
2Q22
%CHG (YR)
1Q23
%CHG (QTR)
SALES
21
49
-57%
24
-13%
VOLUME
$35.809M
$71.645M
-50%
$26.755M
+34%
AVERAGE
$1.705M
$1.462M
+17%
$1.115M
+53%
MEDIAN
$1.155M
$999K
+16%
$917K
+26%
More sales took place in Cutchogue than in any other area, making up 28% of the quarter’s overall reported condominium sales. Over half of the Cutchogue closings were at Harvest Point, a 55+ age-restricted community. More than half of the condominium closings in the South Fork were above the $1M price point. Among the sales were four at Watchcase in Sag Harbor, including a penthouse for $7.25M--the highest priced reported sale in over a year-and-a-half.
Eastport | $775K | WEB# 897500
NORTH FORK
2Q23
2Q22
%CHG (YR)
1Q23
%CHG (QTR)
SALES
11
12
-8%
13
-15%
VOLUME
$10.323M
$9.042M
+14%
$10.093M
+2%
AVERAGE
$938K
$753K
+25%
$776K
+21%
MEDIAN
$980K
$750K
+31%
$880K
+11%
Southampton | $3M | WEB# 902618
Virtually Staged
2Q 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 non-residential 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 Second Quarter 2023, down 41% from a year ago and 6% from the previous quarter. South Fork had fewer than half the number of transactions from last year. Despite the decline, average price for the South Fork increased 25% with median price expanding 54% due to a larger share of land sales being above $1M. Five land sales closed at the $5M and above price point. There were 19% more reported vacant land closings on the North Fork versus a year ago. Average price increased 21% largely due to two land sales above $3M. Southhold made up 32% of North Fork land sales with ten transactions. THE COMMERCIAL MARKET The South Fork reported only half the number of commercial transactions from a year ago, a difference of 13 sales. Despite the decreased number of transactions, volume jumped 219% due to the $149M sale of Montauk Yacht Club, a 107-room resort on Lake Montauk. This was the most expensive commercial sale in Hamptons history. Commercial sales on the North Fork remained consistent with Second Quarter 2022 with seven transactions. Sales volume increased 26% annually due to the sale at 202 Front Street, a $6.3M retail sale. THE INVENTORY Inventory is the total number of East End properties listed for sale at the end of a particular period. Second Quarter 2023 inventory was 1,850 listings. This represented a minimal decrease of 0.6% annually and an increase of 6.6% quarterly. Second Quarter 2023 marked the seventh consecutive quarter with fewer than 2,000 listings.
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
2Q23
2Q22
%CHG (YR)
1Q23
%CHG (QTR)
SALES
35
86
-59%
52
-33% -65%
VOLUME
$74.101M
$146.066M
-49%
$208.856M
AVERAGE
$2.117M
$1.698M
+25%
$4.016M
-47%
MEDIAN
$1.500M
$975K
+54%
$1.167M
+28%
2Q23
2Q22
%CHG (YR)
1Q23
%CHG (QTR)
NORTH FORK
SALES
31
26
+19%
18
+72%
VOLUME
$27.079M
$18.780M
+44%
$10.480M
+158%
AVERAGE
$874K
$722K
+21%
$582K
+50%
MEDIAN
$585K
$695K
-16%
$485K
+21%
Commercial SOUTH FORK
2Q23
2Q22
%CHG (YR)
1Q23
%CHG (QTR)
SALES
13
26
-50%
17
-24%
VOLUME
$191.888M
$60.086M
+219%
$48.389M
+297%
AVERAGE
$14.761M
$2.311M
+539%
$2.846M
+419%
MEDIAN
$2.500M
$1.525M
+64%
$1.550M
+61%
2Q23
2Q22
%CHG (YR)
1Q23
%CHG (QTR)
NORTH FORK
SALES
7
7
0%
6
+17%
VOLUME
$11.710M
$9.298M
+26%
$7.346M
+59%
AVERAGE
$1.673M
$1.328M
+26%
$1.224M
+37%
MEDIAN
$750K
$1.100M
-32%
$1.155M
-35%
2Q 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 April through June 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 Second Quarter 2023.
The Corcoran Group is a licensed real estate broker located at 2411 Main St., Bridgehampton, NY 11932.