The Corcoran Report 4Q | 2023 | EAST END
4 Q 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.
4 Q 2 023 | E A S T EN D | 3
Southampton | $3.295M | WEB# 472781
South Fork Reported South Fork closed sales increased annually for the first time since Third Quarter 2021. However, this is in comparison to Fourth Quarter 2022 when the cyberattack against Suffolk County negatively affected the number of reported sales. So, while single-family home sales show an increase of 10% year-over-year, the number of reported sales is the second lowest in ten years. All but four South Fork villages and hamlets this quarter displayed an increase in closings versus a year ago, with eight areas having double-digit annual gains. Notably, Water Mill closed sales doubled annually. However, only half of Water Mill’s sales were above $5M this quarter compared to about three-quarters last year. On the other hand, Shelter Island had the most significant drop in sales, down 43% versus Fourth Quarter 2022, a difference of six closings. The increase in the number of sales naturally impacted dollar volume this quarter, which expanded 24% annually. Montauk, Shelter Island and Quogue were the only submarkets to have a drop in sales volume, the other eleven areas increased. Quogue had the steepest annual decline, with sales volume falling 28%. While no sales surpassed $10M in Fourth Quarter 2023, two did in Fourth Quarter 2022. South Fork median price set a new record-high in Fourth Quarter 2023. Median price this quarter at $1.924M rose 17% year-over-year and has now increased annually for two consecutive quarters. South Fork average price increased 13% year-over-year, the first annual increase since Fourth Quarter 2022. Average price was less than 1% below its record-high set in early 2022. A larger number of closings above $5M in Fourth Quarter 2023 contributed to the increase in price statistics. Ten South Fork submarkets witnessed an annual increase in median price. Westhampton Beach increased most significantly, up 111% year-over-year as only two sales (18%) were below $1M versus six sales (37%) in Fourth Quarter 2022. On the other hand, Southampton Village had the largest drop in median price, falling 62% year-over-year as only two sales were above $10M (8%), compared to seven (38%) in 2022.
Single Family Sales
Sales Volume
348
$1.196B
Average Sales Price
Median Sales Price
$3.436M
$1.924M
+10% YEAR OVER YEAR
+13% YEAR OVER YEAR
+24% YEAR OVER YEAR
+17% YEAR OVER YEAR
4 Q 2 023 | E A S T EN D | 4
Shelter Island
Neighborhoods South Fork
SINGLE FAMILY SALES
8
VOLUME
AV ER AGE PR I CE
M E DI A N PR I CE
-21%
+38%
-31%
VOLUME
AV ER AGE PR I CE
M E DI A N PR I CE
+36%
+36%
+5%
VOLUME
AV ER AGE PR I CE
M E DI A N PR I CE
-21%
-14%
+23%
VOLUME
AV ER AGE PR I CE
M E DI A N PR I CE
+42%
+7%
$20.055M $2.507M $1.098M
-43%
Sag Harbor/North Haven SINGLE FAMILY SALES
30
% C H A N G E ( Y E A R - O V E R -Y E A R )
$89.337M $2.978M $2.168M
0%
Montauk SINGLE FAMILY SALES
11
$31.044M $2.822M $2.525M
-8%
Bridgehampton/Sagaponack
Amagansett
SINGLE FAMILY SALES
VOLUME
AV ER AGE PR I CE
M E DI A N PR I CE
SINGLE FAMILY SALES
+41
+49
+6
+22
+33
24
$173.987M $7.249M $4.825M
%
%
%
%
East Hampton Village
12
-10%
East Hampton
SINGLE FAMILY SALES
VOLUME
AV ER AGE PR I CE
M E DI A N PR I CE
SINGLE FAMILY SALES
+29%
+64%
+27%
+43%
+6%
9
$42.775M $3.565M $2.691M
%
$105.390M $11.710M $4.300M
69
VOLUME
AV ER AGE PR I CE
M E DI A N PR I CE
+12%
+6%
+7%
$156.493M $2.268M $1.714M
4 Q 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
+100
+83%
-9%
-11%
VOLUME
AV ER AGE PR I CE
M E DI A N PR I CE
+30%
0%
+10%
22
$125.506M $5.705M $4.888M
%
Southampton
Quogue SINGLE FAMILY SALES
8
VOLUME
AV ER AGE PR I CE
M E DI A N PR I CE
$20.775M $2.597M $2.400M
+33%
-28%
-46%
+10%
Westhampton Beach
SINGLE FAMILY SALES
39 +30
%
$90.740M $2.327M $1.625M
Southampton Village
SINGLE FAMILY SALES
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
-31%
+1%
+46%
+111%
+28%
+2%
-20%
-62%
VOLUME
AV ER AGE PR I CE
M E DI A N PR I CE
+2%
+5%
+11%
11
$30.878M $2.807M $2.950M
Westhampton/Remsenburg
23
$195.481M $8.499M $2.750M
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
+12%
+60%
+44%
+28%
-3%
19
$47.336M $2.491M $1.805M
63
$66.015M $1.048M
$860K
4 Q 2 023 | E A S T EN D | 6
East of the Canal SINGLE FAMILY
4Q23
4Q22
%CHG (YR)
3Q23
%CHG (QTR)
Closed Sales
CL O S ED S AL ES
800
247
VOLUME
213
$1.031B
AVERAGE PRICE
MEDIAN PRICE
$4.173M
$2.400M
+16%
$810.836M
362
+27%
$3.806M
$1207.140B
+10%
$2.200M
$3.335M
+9%
$2.200M
-32% NUMBER OF CLOSED SALES
SALES
-15%
+25%
+9%
700 600 500 400 300 200 100 0
Market Share by Price Range U N D ER $ 5 0 0 K
$1M - $ 2 M
60%
14%
13%
16%
15%
$2M-$3M
$3M-$5M
16%
17%
15%
15%
15%
AV ERAG E P RI CE
4Q22
4Q23
MEDIAN PRICE
32%
20%
34%
21% 4%
4Q20
$3.0M
19%
31%
36%
4Q19
$4.0M $3.5M
31%
0%
4Q21
$5M+
18%
23%
29%
40% 20%
4Q20
$4.5M 9% 9%
80%
4Q19
Median and Average Price
SALE PRICE
100%
$ 5 0 0 K - $1M
4Q18
19% 2%
4Q21
4Q22
$2.0M $1.5M $1.0M $500K
14% 2%
$2.5M
1%
11%
4Q23
0%
$0
4Q18
4Q19
4Q20
4Q21
4Q22
4Q23
4 Q 2 023 | E A S T EN D | 7
Amagansett SINGLE FAMILY
4Q23
Bridgehampton/Sagaponack 4Q22
%CHG (YR)
3Q23
%CHG (QTR)
SINGLE FAMILY
4Q23
4Q22
%CHG (YR)
3Q23
%CHG (QTR)
SALES
12
9
+33%
13
-8%
SALES
24
17
+41%
30
-20%
VOLUME
$42.775M
$30.020M
+42%
$102.195M
-58%
VOLUME
$173.987M
$116.450M
+49%
$195.535M
-11%
AVERAGE PRICE
$3.565M
$3.336M
+7%
$7.861M
-55%
AVERAGE PRICE
$7.249M
$6.850M
+6%
$6.518M
+11%
MEDIAN PRICE
$2.691M
$3.000M
-10%
$3.295M
-18%
MEDIAN PRICE
$4.825M
$3.950M
+22%
$4.998M
-3%
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
4Q18
4Q19
4Q20
Median and Average Price
4Q21 AVERA GE P R IC E
4Q22
0
4Q23
MEDIAN PRICE
4Q18
$8.0M
$12.0M
$7.0M
SALE PRICE
$8.0M $6.0M $4.0M
4Q21 AV ERAG E P RI CE
4Q22
4Q23
MEDIAN PRICE
$5.0M $4.0M $3.0M $2.0M
$2.0M
4Q18
4Q20
$6.0M
$10.0M
$0
4Q19
Median and Average Price
$14.0M
SALE PRICE
CL O S ED S AL ES
$1.0M
4Q19
4Q20
4Q21
4Q22
4Q23
$0
4Q18
4Q19
4Q20
4Q21
4Q22
4Q23
4 Q 2 023 | E A S T EN D | 8
East Hampton SINGLE FAMILY
4Q23
4Q22
East Hampton Village %CHG (YR)
3Q23
%CHG (QTR)
SINGLE FAMILY
4Q23
4Q22
%CHG (YR)
3Q23
%CHG (QTR)
SALES
69
65
+6%
127
-46%
SALES
9
7
+29%
11
-18%
VOLUME
$156.493M
$139.432M
+12%
$282.436M
-45%
VOLUME
$105.390M
$64.390M
+64%
$67.802M
+55%
AVERAGE PRICE
$2.268M
$2.145M
+6%
$2.224M
+2%
AVERAGE PRICE
$11.710M
$9.199M
+27%
$6.164M
+90%
MEDIAN PRICE
$1.714M
$1.600M
+7%
$1.660M
+3%
MEDIAN PRICE
$4.300M
$3.000M
+43%
$3.500M
+23%
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
4Q18
4Q19
4Q20
Median and Average Price
4Q21 AVERA GE P R IC E
4Q22
MEDIAN PRICE
$3.0M
4Q20
Median and Average Price
4Q21 AV ERAG E P RI CE
4Q22
4Q23
MEDIAN PRICE
$12.0M $10.0M
SALE PRICE
SALE PRICE
4Q19
$14.0M
$2.0M $1.5M $1.0M
$8.0M $6.0M $4.0M
$500K
4Q18
4Q18
$16.0M
$2.5M
$0
0
4Q23
$2.0M
4Q19
4Q20
4Q21
4Q22
4Q23
$0
4Q18
4Q19
4Q20
4Q21
4Q22
4Q23
4 Q 2 023 | E A S T EN D | 9
Montauk SINGLE FAMILY
4Q23
Sag Harbor/North Haven 4Q22
%CHG (YR)
3Q23
%CHG (QTR)
SINGLE FAMILY
4Q23
4Q22
%CHG (YR)
3Q23
%CHG (QTR)
SALES
11
12
-8%
19
-42%
SALES
30
30
0%
49
-39%
VOLUME
$31.044M
$39.482M
-21%
$49.847M
-38%
VOLUME
$89.337M
$65.782M
+36%
$130.929M
-32%
AVERAGE PRICE
$2.822M
$3.290M
-14%
$2.624M
+8%
AVERAGE PRICE
$2.978M
$2.193M
+36%
$2.672M
+11%
MEDIAN PRICE
$2.525M
$2.060M
+23%
$1.700M
+49%
MEDIAN PRICE
$2.168M
$2.055M
+5%
$2.240M
-3%
60
120
50
100
40 30 20 10 0
CL O S ED S AL ES
80 60 40 20
4Q18
4Q19
4Q20
Median and Average Price
4Q21 AVERA GE P R IC E
4Q22
0
4Q23
MEDIAN PRICE
4Q18
$4.0M
$3.5M
$3.5M
$3.0M
$3.0M
$2.5M
$2.5M $2.0M $1.5M
4Q20
4Q21 AV ERAG E P RI CE
4Q22
4Q23
MEDIAN PRICE
$2.0M $1.5M $1.0M
$1.0M $500K
$500K
$0
$0
4Q18
4Q19
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
4Q19
4Q20
4Q21
4Q22
4Q23
4Q18
4Q19
4Q20
4Q21
4Q22
4Q23
4 Q 2 023 | E A S T EN D | 10
Southampton SINGLE FAMILY
4Q23
Southampton Village
4Q22
%CHG (YR)
3Q23
%CHG (QTR)
SINGLE FAMILY
4Q23
4Q22
%CHG (YR)
3Q23
%CHG (QTR)
SALES
39
30
+30%
45
-13%
SALES
23
18
+28%
25
-8%
VOLUME
$90.740M
$69.883M
+30%
$93.690M
-3%
VOLUME
$195.481M
$191.215M
+2%
$134.065M
+46%
AVERAGE PRICE
$2.327M
$2.329M
0%
$2.082M
+12%
AVERAGE PRICE
$8.499M
$10.623M
-20%
$5.363M
+58%
MEDIAN PRICE
$1.625M
$1.475M
+10%
$1.800M
-10%
MEDIAN PRICE
$2.750M
$7.250M
-62%
$3.175M
-13%
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
4Q18
4Q19
4Q20
Median and Average Price
4Q21 AVERA GE P R IC E
4Q22
MEDIAN PRICE
$3.0M
30 20 10
4Q18
4Q20
Median and Average Price
4Q21 AV ERAG E P RI CE
4Q22
4Q23
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
4Q18
4Q19
$14.0M
$2.5M
SALE PRICE
40
0
4Q23
CL O S ED S AL ES
4Q19
4Q20
4Q21
4Q22
4Q23
4Q18
4Q19
4Q20
4Q21
4Q22
4Q23
4 Q 2 023 | E A S T EN D | 11
Shelter Island SINGLE FAMILY
4Q23
Water Mill
4Q22
%CHG (YR)
3Q23
%CHG (QTR)
SINGLE FAMILY
4Q23
4Q22
%CHG (YR)
3Q23
%CHG (QTR)
-12%
SALES
8
14
-43%
18
-56%
SALES
22
11
+100%
25
VOLUME
$20.055M
$25.365M
-21%
$29.173M
-31%
VOLUME
$125.506M
$68.588M
+83%
$121.469M
+3%
AVERAGE PRICE
$2.507M
$1.812M
+38%
$1.621M
+55%
AVERAGE PRICE
$5.705M
$6.235M
-9%
$4.859M
+17%
MEDIAN PRICE
$1.098M
$1.598M
-31%
$1.363M
-19%
MEDIAN PRICE
$4.888M
$5.500M
-11%
$3.150M
+55%
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
4Q18
4Q19
4Q20
AVERA GE P R IC E
4Q22
MEDIAN PRICE
40 30 20 10 0
4Q23
4Q18
$3.0M
$12.0M
$2.5M
$10.0M
$2.0M
$8.0M
$1.5M $1.0M $500K $0
4Q19
4Q20
Median and Average Price
SALE PRICE
SALE PRICE
Median and Average Price
4Q21
50
4Q21 AV ERAG E P RI CE
4Q22
4Q23
MEDIAN PRICE
$6.0M $4.0M $2.0M
4Q18
4Q19
4Q20
4Q21
4Q22
4Q23
$0
4Q18
4Q19
4Q20
4Q21
4Q22
4Q23
4 Q 2 023 | E A S T EN D | 12
West of the Canal 4Q23
4Q22
%CHG (YR)
3Q23
%CHG (QTR)
SALES
101
104
-3%
132
-23%
VOLUME
$165.004M
AVERAGE PRICE
$1.634M
MEDIAN PRICE
$1.129M
$153.490M
+8%
$1.476M
$192.057M
+11%
$950K
$1.455M
+19%
$999K
-14%
+12%
Closed Sales
NUMBER OF CLOSED SALES
SINGLE FAMILY
+13%
300 250 200 150 100 50 0
4Q18
Market Share by Price Range 100% 80% 60%
$ 5 0 0 K - $1M 0%
6% 15%
3%
$1M - $ 2 M
$2M-$3M
8% 8%
31%
$3M-$5M
3% 3%
3%
4% 9%
9%
10%
24%
6%
$1.6M
16%
$1.4M
26%
44%
7%
9%
4Q21
4Q22
20%
43%
4Q23
MEDIAN PRICE
$1.0M $800K $600K $400K $200K
29% 13%
4Q19
AV ERAG E P RI CE
4Q22
$1.2M
33%
47%
4Q21
$1.8M 5%
40%
0%
4Q20
$5M+
46%
36%
4Q19
Median and Average Price
SALE PRICE
U N D ER $ 5 0 0 K
CL O S ED S AL ES
4Q20
5%
4Q23
$0
4Q18
4Q19
4Q20
4Q21
4Q22
4Q23
4 Q 2 023 | E A S T EN D | 13
East Quogue/Hampton Bays
Quogue
SINGLE FAMILY
SINGLE FAMILY
4Q23
4Q22
%CHG (YR)
3Q23
%CHG (QTR)
4Q23
4Q22
%CHG (YR)
3Q23
%CHG (QTR)
SALES
63
65
-3%
79
-20%
SALES
8
6
+33%
12
-33%
VOLUME
$66.015M
$64.598M
+2%
$87.009M
-24%
VOLUME
$20.775M
$28.715M
-28%
$33.710M
-38%
AVERAGE PRICE
$1.048M
$994K
+5%
$1.101M
-5%
AVERAGE PRICE
$2.597M
$4.786M
-46%
$2.809M
-8%
MEDIAN PRICE
$860K
$775K
+11%
$800K
+8%
MEDIAN PRICE
$2.400M
$2.175M
+10%
$2.275M
+5%
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
4Q18
4Q19
4Q20
Median and Average Price
4Q21 AVERA GE P R IC E
4Q22
MEDIAN PRICE
20 15 10 5
4Q18
4Q19
4Q20
Median and Average Price
4Q21 AV ERAG E P RI CE
4Q22
4Q23
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
4Q23
$1.2M
SALE PRICE
CL O S ED S AL ES
$1.0M
4Q18
4Q19
4Q20
4Q21
4Q22
4Q23
$0
4Q18
4Q19
4Q20
4Q21
4Q22
4Q23
4 Q 2 023 | E A S T EN D | 14
Westhampton Beach SINGLE FAMILY
4Q23
4Q22
%CHG (YR)
Westhampton/Remsenburg 3Q23
%CHG (QTR)
SINGLE FAMILY
4Q23
4Q22
%CHG (YR)
3Q23
%CHG (QTR)
SALES
11
16
-31%
16
-31%
SALES
19
17
+12%
25
-24%
VOLUME
$30.878M
$30.680M
+1%
$28.567M
+8%
VOLUME
$47.336M
$29.497M
+60%
$42.770M
+11%
AVERAGE PRICE
$2.807M
$1.918M
+46%
$1.785M
+57%
AVERAGE PRICE
$2.491M
$1.735M
+44%
$1.711M
+46%
MEDIAN PRICE
$2.950M
$1.400M
+111%
$1.440M
+105%
MEDIAN PRICE
$1.805M
$1.408M
+28%
$1.508M
+20%
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
4Q18
4Q19
4Q20
Median and Average Price
4Q21 AVERA GE P R IC E
4Q22
10
4Q18
4Q19
4Q20
4Q21 AV ERAG E P RI CE
4Q22
4Q23
MEDIAN PRICE
$2.5M
$3.0M $2.5M
SALE PRICE
SALE PRICE
20
$3.0M
$3.5M
$2.0M $1.5M $1.0M
$2.0M $1.5M $1.0M $500K
$500K
4Q18
30
Median and Average Price
$4.0M
$0
40
0
4Q23
MEDIAN PRICE
50
4Q19
4Q20
4Q21
4Q22
4Q23
$0
4Q18
4Q19
4Q20
4Q21
4Q22
4Q23
4 Q 2 023 | E A S T EN D | 15
Cutchogue | $3,595,000 | WEB# 902089
North Fork In Fourth Quarter 2023, North Fork single-family home sales rose 25% year-over-year, marking the first annual increase since Second Quarter 2021. But, like the South Fork, this was influenced by the Suffolk County cyberattack that limited reported sales a year ago. Most North Fork submarkets saw an uptick in closings with only Cutchogue declining by 6% and East Marion/Orient remaining level with 2022. Greenport had the most significant increase in sales volume, up 75% year-over-year. North Fork sales volume increased 24% with all but one submarket exhibiting double-digit annual gains. Southold/Peconic had the most notable increase in sales volume due to the doubling of the number of sales over $1M compared to Fourth Quarter 2022. After increasing 11% year-over-year, median price set a record high. For the first time, median price was above $1M, meaning over half of reported sales were over this threshold. Average price fell by less than 1% versus the record-high figure from Fourth Quarter 2022. Three of the six submarkets saw annual growth in average price. Aquebogue/Jamesport increased 29% annually due to quadruple the number of closings above $1M versus the same period a year ago. Four of the six submarkets saw annual growth in median price, all increasing by double-digits. East Marion/Orient displayed the most significant increase in median price up 68% as a larger percentage of deals were above $1M this quarter.
Single Family Sales
Sales Volume
115
$144.613M
Average Sales Price
Median Sales Price
$1.258M
$1.066M
+25% YEAR OVER YEAR
-1% YEAR OVER YEAR
+24% YEAR OVER YEAR
+11% YEAR OVER YEAR
4 Q 2 023 | E A S T EN D | 16
Neighborhoods North Fork Cutchogue
Southold/Peconic
SINGLE FAMILY SALES
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
-6%
-20%
-16%
+15%
+56%
+98%
+27%
+17%
VOLUME
AV ER AGE PR I CE
M E DI A N PR I CE
+52
-13
-14%
VOLUME
AV ER AGE PR I CE
M E DI A N PR I CE
+22%
+22%
+68%
17
$26.248M $1.544M $1.325M
Mattituck/Laurel SINGLE FAMILY SALES
28 +17%
28
$36.689M $1.310M $1.095M
Greenport
VOLUME
AV ER AGE PR I CE
M E DI A N PR I CE
SINGLE FAMILY SALES
+13%
-3%
-20%
+75
$36.559M $1.306M $1.034M
Aquebogue/Jamesport
21 %
%
%
$795K
East Marion/Orient
11
VOLUME
$10.781M
AV ER AGE PR I CE
M E DI A N PR I CE
SINGLE FAMILY SALES
+10%
+42%
+29%
+16%
0%
SINGLE FAMILY SALES
$19.980M $951K
$980K
$840K
10
$14.358M $1.436M $1.470M
% C H A N G E ( Y E A R - O V E R -Y E A R )
4 Q 2 023 | E A S T EN D | 17
North Fork SINGLE FAMILY
4Q23
4Q22
%CHG (YR)
3Q23
%CHG (QTR)
SALES
115
92
+25%
124
-7%
$144.613M
AVERAGE PRICE
MEDIAN PRICE
$1.258M
$1.066M
$116.348M
+24%
$1.265M
$153.463M
-1%
$964K
$1.238M
+11%
$950K
-6%
+2%
+12%
200 150 100 50 0
4Q18
Market Share by Price Range 100% 80%
4% 11%
$3 50 K-$ 50 0 K
$ 50 0 K-$750 K
$ 7 5 0 K - $1M
16%
20%
4Q21
AV ERAG E P RI CE
4Q22
4Q23
MEDIAN PRICE
$1. 5 M +
$1.2M
26%
$1.0M
18% 16%
24%
23%
35%
32%
34%
24%
30%
6%
6%
4Q19
4Q20
4Q21
3%
4%
4Q22
0%
4Q23
$600K
$200K
20%
21% 9%
$800K
$400K
3 1%
15%
0%
$1M - $1. 5 M
27%
12%
15%
40%
4Q20
$1.4M 9%
24%
60%
4Q19
Median and Average Price
SALE PRICE
U N D ER $ 3 5 0 K
CL O S ED S AL ES
250 NUMBER OF CLOSED SALES
VOLUME
Closed Sales
2%
3%
$0
4Q18
4Q19
4Q20
4Q21
4Q22
4Q23
4 Q 2 023 | E A S T EN D | 18
Aquebogue/Jamesport SINGLE FAMILY
4Q23
4Q22
%CHG (YR)
Cutchogue 3Q23
%CHG (QTR)
SINGLE FAMILY
4Q23
4Q22
%CHG (YR)
3Q23
%CHG (QTR)
SALES
11
10
+10%
25
-56%
SALES
17
18
-6%
15
+13%
VOLUME
$10.781M
$7.596M
+42%
$22.830M
-53%
VOLUME
$26.248M
$32.897M
-20%
$22.674M
+16%
AVERAGE PRICE
$980K
$760K
+29%
$913K
+7%
AVERAGE PRICE
$1.544M
$1.828M
-16%
$1.512M
+2%
MEDIAN PRICE
$840K
$727K
+16%
$772K
+9%
MEDIAN PRICE
$1.325M
$1.153M
+15%
$999K
+33%
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
4Q18
4Q19
4Q20
Median and Average Price
4Q21 AVERA GE P R IC E
4Q22
0
4Q23
MEDIAN PRICE
4Q20
4Q21 AV ERAG E P RI CE
4Q22
4Q23
MEDIAN PRICE
$1.6M $1.4M SALE PRICE
$800K $600K $400K
$1.2M $1.0M $800K $600K $400K
$200K
4Q18
4Q19
$1.8M
$1.0M
$0
4Q18
Median and Average Price
$1.2M
SALE PRICE
CL O S ED S AL ES
$200K
4Q19
4Q20
4Q21
4Q22
4Q23
$0
4Q18
4Q19
4Q20
4Q21
4Q22
4Q23
4 Q 2 023 | E A S T EN D | 19
Mattituck/Laurel SINGLE FAMILY
4Q23
4Q22
East Marion/Orient
%CHG (YR)
3Q23
%CHG (QTR)
SINGLE FAMILY
4Q23
4Q22
%CHG (YR)
3Q23
%CHG (QTR)
SALES
28
24
+17%
23
+22%
SALES
10
10
0%
9
+11%
VOLUME
$36.559M
$32.379M
+13%
$23.830M
+53%
VOLUME
$14.358M
$11.764M
+22%
$13.629M
+5%
AVERAGE PRICE
$1.306M
$1.349M
-3%
$1.036M
+26%
AVERAGE PRICE
$1.436M
$1.176M
+22%
$1.514M
-5%
MEDIAN PRICE
$1.034M
$1.288M
-20%
$864K
+20%
MEDIAN PRICE
$1.470M
$875K
+68%
$1.135M
+30%
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
4Q18
4Q19
4Q20
Median and Average Price
4Q21 AVERA GE P R IC E
4Q22
0
4Q23
MEDIAN PRICE
4Q18
$1.6M
$1.6M
$1.4M
$1.4M
$1.2M
$1.2M
$1.0M
$1.0M
$800K $600K
$200K
$200K
4Q19
4Q20
4Q21
4Q22
4Q23
4Q21 AV ERAG E P RI CE
4Q22
4Q23
MEDIAN PRICE
$600K $400K
4Q18
4Q20
$800K
$400K
$0
4Q19
Median and Average Price
SALE PRICE
SALE PRICE
16
$0
4Q18
4Q19
4Q20
4Q21
4Q22
4Q23
4 Q 2 023 | E A S T EN D | 2 0
Greenport SINGLE FAMILY
4Q23
Southold/Peconic 4Q22
%CHG (YR)
3Q23
%CHG (QTR)
SINGLE FAMILY
4Q23
4Q22
%CHG (YR)
3Q23
%CHG (QTR)
SALES
21
12
+75%
13
+62%
SALES
28
18
+56%
39
-28%
VOLUME
$19.980M
$13.158M
+52%
$12.552M
+59%
VOLUME
$36.689M
$18.554M
+98%
$57.948M
-37%
AVERAGE PRICE
$951K
$1.097M
-13%
$966K
-1%
AVERAGE PRICE
$1.310M
$1.031M
+27%
$1.486M
-12%
MEDIAN PRICE
$795K
$928K
-14%
$850K
-6%
MEDIAN PRICE
$1.095M
$938K
+17%
$997K
+10%
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
4Q18
4Q19
4Q20
Median and Average Price
4Q21 AVERA GE P R IC E
4Q22
0
4Q23
MEDIAN PRICE
4Q18
$1.4M
$1.6M
$1.2M
$1.4M
SALE PRICE
$600K $400K
4Q21 AV ERAG E P RI CE
4Q22
4Q23
MEDIAN PRICE
$1.0M $800K $600K $400K
$200K
4Q18
4Q20
$1.2M
$800K
$0
4Q19
Median and Average Price
$1.0M SALE PRICE
CL O S ED S AL ES
$200K
4Q19
4Q20
4Q21
4Q22
4Q23
$0
4Q18
4Q19
4Q20
4Q21
4Q22
4Q23
4 Q 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 Fourth Quarter 2023, South Fork luxury median price dropped 19% year-over-year, but average price increased by 9%. This quarter, two closings were reported above $50M while Fourth Quarter 2022 had zero sales above this price point. The top closing was an eleven-bedroom, twelve-bathroom estate for $112M in Southampton Village. On the North Fork, the top sale was $5.8M, below last year’s top sale of $7.2M, driving the decline of average luxury sale price by 12%. A slightly smaller share of sales above $4M price segment caused the median price to decrease 4%. Bridgehampton/Sagaponack and Water Mill accounted for more than half of the South Fork’s luxury sales. East Hampton Village was the only submarket in the East End to have multiple trades above $25M. Southold/Peconic and Mattituck/Laurel each had four luxury sales accounting for 72% of the North Fork’s top sales this quarter.
Water Mill | $8.295M | WEB# 903094
SOUTH FORK
4Q23
4Q22
%CHG (YR)
3Q23
%CHG (QTR)
SALES
35
32
+9%
49
-29%
VOLUME
$520.606M
$436.898M
+19%
$528.133M
-1%
AVERAGE
$14.874M
$13.653M
+9%
$10.778M
+38%
MEDIAN
$9.500M
$11.775M
-19%
$8.400M
+13%
4Q23
4Q22
%CHG (YR)
3Q23
%CHG (QTR)
NORTH FORK
SALES
12
9
+33%
12
0%
VOLUME
$36.020M
$30.700M
+17%
$46.745M
-23%
AVERAGE
$3.002M
$3.411M
-12%
$3.895M
-23%
MEDIAN
$2.738M
$2.850M
-4%
$2.700M
+1%
East Hampton | $4.25M | WEB# 906805
4 Q 2 023 | E A S T EN D | 2 2
Condos Overall, the East End reported 32 condominium sales, down 30% year-over-year. The North Fork and the South Fork both experienced annual declines, falling 76% and 3%, respectively. Overall condominium sales volume dropped as well, down 20% versus last year, driven by a 78% decline in North Fork activity. Notably, in Cutchogue there was only one sale, compared to fifteen last year due to new construction sales at the Harvest Pointe complex last year. Consequently, North Fork median price declined by 12% and the average price fell by 7% versus 2022. On the other hand, the South Fork exhibited doubledigit increases in price metrics, mainly due to a greater number of closings above $1.5M. More sales took place in East Quogue/Hampton Bays than in any other area this quarter, making up 25% of the overall reported condominium sales in Fourth Quarter 2023. 15% of the sales came at Condos @ 68 Foster, a new condominium community. Westhampton Beach had the second most sales, at 19%, primarily located at the Yardam Beach Complex.
Southampton | $2.799M | WEB# 902618
SOUTH FORK
4Q23
4Q22
%CHG (YR)
3Q23
%CHG (QTR)
SALES
28
29
-3%
28
0%
VOLUME
$35.010M
$32.868M
+7%
$37.353M
-6%
AVERAGE
$1.250M
$1.133M
+10%
$1.334M
-6%
MEDIAN
$1.195M
$900K
+33%
$1.065M
+12%
NORTH FORK
4Q23
4Q22
%CHG (YR)
3Q23
%CHG (QTR)
SALES
4
17
-76%
12
-67%
VOLUME
$3.285M
$15.086M
-78%
$11.237M
-71%
AVERAGE
$821K
$887K
-7%
$936K
-12%
MEDIAN
$773K
$880K
-12%
$968K
-20%
East Hampton | $2.799M | WEB# 905883
4 Q 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 65 vacant land transactions occurred on Long Island’s East End in Fourth Quarter 2023, up 38% from a year ago but down 12% from last quarter. Average price and median price for the South Fork increased 8% and 72%, respectively. Fourth Quarter 2023 had more than double the number of South Fork sales above $2M versus last year. Six South Fork land sales closed above $5M compared to two in 2022. North Fork sales increased 61% year-over-year. Average and median price followed in the same direction up 93% and 64%, respectively. Four properties transacted above $1M compared to last year’s single transaction. Southold/Peconic made up 28% of North Fork land sales with eight transactions this quarter. THE COMMERCIAL MARKET The South Fork reported a 47% year-over-year increase in commercial transactions. Despite the higher number of transactions, median price declined by 55% as five sales this quarter were below $500K compared to zero last year. East Quogue/Hampton Bays had more sales than any other submarket, accounting for 27% of South Fork activity in Fourth Quarter 2023. Quogue was home to the most expensive sale, a 20-acre industrial park site closing for $15M. North Fork commercial sales saw a slight increase in closings, increasing to six sales from four during Fourth Quarter 2022. With only one sale above $3M, compared to two last year, median price declined 46%. Due to additional transactions this quarter, volume was slightly higher. THE INVENTORY Inventory is the total number of East End properties listed for sale at the end of 2023. At the of December, inventory was 1,690 listings. This represented a decline of 3% annually and 12% versus Third Quarter 2023. Fourth Quarter 2023 marked the ninth 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
4Q23
4Q22
%CHG (YR)
3Q23
%CHG (QTR)
SALES
36
29
+24%
60
-40%
VOLUME
$88.460M
$66.235M
+34%
$99.219M
-11%
AVERAGE
$2.457M
$2.284M
+8%
$1.654M
+49%
MEDIAN
$1.465M
$850K
+72%
$900K
+63%
4Q23
4Q22
%CHG (YR)
3Q23
%CHG (QTR)
NORTH FORK
SALES
29
18
+61%
14
+107%
VOLUME
$25.503M
$8.213M
+211%
$19.841M
+29%
AVERAGE
$879K
$456K
+93%
$1.417M
-38%
MEDIAN
$525K
$320K
+64%
$775K
-32%
Commercial SOUTH FORK
4Q23
4Q22
%CHG (YR)
3Q23
%CHG (QTR)
SALES
22
15
+47%
18
+22%
VOLUME
$66.419M
$60.250M
+10%
$97.105M
-32%
AVERAGE
$3.019M
$4.017M
-25%
$5.395M
-44%
MEDIAN
$1.475M
$3.300M
-55%
$2.300M
-36%
4Q23
4Q22
%CHG (YR)
3Q23
%CHG (QTR)
NORTH FORK
SALES
6
4
+50%
6
0%
VOLUME
$8.235M
$8.059M
+2%
$8.925M
-8%
AVERAGE
$1.373M
$2.015M
-32%
$1.488M
-8%
MEDIAN
$1.063M
$1.980M
-46%
$1.450M
-27%
4 Q 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. The Corcoran Report uses market-wide data from the Long Island Real Estate Report and is based upon transactions reported from October through December 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 Fourth Quarter 2023.
The Corcoran Group is a licensed real estate broker located at 2411 Main St., Bridgehampton, NY 11932.