"Inventory is maybe the worst I've seen it, said Tyler Whitman, managing director of The Agency's most eastern outpost. There's nothing nice to buy, which, for Whitman, hasn't been for lack of trying."
"Listings for luxury properties dropped more than 35 percent annually in the first quarter, as the number of deals declined roughly 30 percent."
"The low supply of homes on the market pushed transactions downward, with first-quarter sales more than 16 percent lower than the decade average."
"Bespoke's Cody Vichinsky echoed that conclusion, describing the market as a cycle based on roughly 300 oceanfront properties between Southampton and East Hampton typically trade once or twice in a few decades."
The Hamptons residential market is experiencing significant inventory shortages, particularly since the pandemic, resulting in a decline in available listings. In the first quarter, listings fell 10 percent year-over-year, with luxury property listings dropping over 35 percent. Sales transactions are down more than 16 percent compared to the decade average. The market is characterized by a lack of desirable properties, with brokers reporting low supply. The recent success in sales was attributed to the rare turnover of legacy properties, which typically change hands infrequently.
Read at therealdeal.com
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