It’s a tale of two residential markets on the East End of Long Island.
The North Fork has spent the last six months outperforming the Hamptons, but the two switched spots in January, according to Miller Samuel’s report for Douglas Elliman.
New signed contracts and new listings were up in the Hamptons last month, while activity dropped on the North Fork.
Though mortgage rates remain high, the Federal Reserve’s pivot from interest rate hikes could be fueling the bump in activity in the Hamptons, report author Jonathan Miller said.
“The market is beginning to move forward,” Miller said. “I can’t say specifically that it’s because of the Fed pivot in December, but it probably hasn’t hurt.”
In the Hamptons, new signed contracts increased 4 percent, up from 46 in January 2023 to 48 in January 2024. New listings grew six percent in the same period from 84 to 89.
Contract signings for homes asking $1 million or higher jumped 26 percent annually, marking one of few increases in the segment in recent months and the highest uptick since May 2021.
In the North Fork, new signed contracts declined modestly last month, down from 13 to 12 year-over-year. New listings dropped 43 percent in the same period, down from 23 to 13.
Though activity declined overall, new signed contracts for homes asking $1 million or more doubled annually, though the numbers were small.
The increase shouldn’t be overstated, Miller emphasized, but that it does indicate a “net positive pattern after several years of eroding sales.”
On a monthly basis, new signed contracts in the Hamptons were up 12 percent, compared to a 20 percent decline in December. New listings surged from December to January, up 154 percent, after a 63 percent drop from November to December.
“A surge of new listings like that is welcome to the market and is one of the reasons we’re expecting more transactions than this time last year,” Miller said.
In the North Fork, new signed contracts declined 56 percent month-over-month, after an increase in December. New listings were down 35 percent.