Douglas Elliman, one of the largest independent residential real estate brokerages in the United States, has newly released fourth quarter 2020 Long Island, Hamptons and North Fork Sales Market Reports. The reports showed numerous records being set in sales and prices across all three regions, falling inventory and a dramatic uptick in bidding wars.
On Long Island, Elliman sold 7,896 units across Long Island (excluding the Hamptons) in 2020, amounting in an incredible $5.3 B in sales volume. The year’s fourth quarter report showed that the market pace was the fastest recorded since at least 2003. The average and median sales prices surged annually to set new records, and the number of sales jumped annually to the highest quarterly total in eighteen years. Inventory fell sharply year or over year and new records were set in pricing in both the single family and condo markets.
“The Long Island market remained strong right through the last day of 2020, and we’re already seeing that momentum spill over into 2021,” said Ann Conroy, Chief Executive Officer of Douglas Elliman’s Long Island Division. “We expect to see a continuation of this active and vibrant market as more buyers find the space and access to the outdoors they are looking for in the suburbs and we anticipate the number of listings will rise as we head into spring.”
In the Hamptons, Elliman closed $2.9B in sales volume in 2020 – a staggering$1.5 Billion overthe previous year’s volume. Over the course of the year, Elliman closed on 3,425 units (sales and rentals combined), up from 1,992 units in the year prior.The Q4 2020 report showed that the sales growth rate in the region was the highest in a decade, while the number of quarterly sales surged annually to a fifteen year high. The median sales price reached a new record for the second straight quarter after fifteen years of tracking and inventory continued to fall.
“What we experienced in the Hamptons sales market during 2020 was truly unprecedented and the final quarter of the year continued to wow us,” said Todd Bourgard, Douglas Elliman’s Senior Executive Regional Manager of Sales for the Hamptons. “As people adapted to the ability to work from home, they really began to rethink where they want to live, and a bigger priority was put on quality of life. That has certainly drawn buyers to the East End, and we feel that the Hamptons will retain its desirability into 2021 and beyond, as it’s always been a wonderful place to live and invest.”
The North Fork experienced the fastest market pace recorded in fourteen years, as the median and average sales prices set new records. The region also saw its largest annual surge in sales on record, and its largest sales total in many years. Listing Inventory dropped significantly to a fourteen-year low.
Both the Hamptons and the North Fork showed the highest market share of bidding wars in nearly five years of tracking.
"With falling supply and surging sales, and aided by record low mortgage rates, the suburbs are really having their moment,” said Jonathan Miller, President and CEO of Miller Samuel Inc. and author of the reports. “We expect these fast-paced markets, marked by bidding wars and record pricing, to remain more competitive with the city into 2021.”
LONG ISLAND HIGHLIGHTS
"With falling supply and surging sales, and aided by record low mortgage rates, the market pace was the fastest recorded since at least 2003."
- Average and median sales price surged annually to set new records
- The number of sales jumped annually to the highest quarterly total in eighteen years
- Listing inventory fell sharply year over year to the lowest level in seventeen years
- Single family average and median sales price rose sharply year over year reaching new records
- Condo average and median sales price surged annually to set new records
- The fastest paced luxury market in nearly twelve years of tracking
______________________________
HAMPTONS HIGHLIGHTS
"With falling supply and surging sales, and aided by record low mortgage rates, the market pace was the fastest recorded since at least 2007."
- Median sales price reached a new record for the second straight quarter after fifteen years of tracking
- Sales surged annually at the highest rate in a decade to the most quarterly sales in at least fifteen years
- Listing inventory fell year over year for the fifth consecutive quarter
- Highest market share of bidding wars in nearly five years of tracking
______________________________
NORTH FORK HIGHLIGHTS
"With falling supply and surging sales, and aided by record low mortgage rates, the market pace was the fastest recorded since at least 2007."
- Median and average sales price set new records during fourteen years of tracking
- The largest annual surge in sales on record and the largest sales total since at least 2006
- Listing inventory fell to a fourteen-year low and the fastest market pace recorded in fourteen years
- Highest market share of bidding wars in nearly five years of tracking
About Douglas Elliman Real Estate
Established in 1911, Douglas Elliman Real Estate is the largest brokerage in the New York Metropolitan area and one of the largest independent residential real estate brokerages in the United States. With more than 7,000 agents, the company operates approximately 105 offices in New York City, Long Island, The Hamptons, Westchester, Connecticut, New Jersey, Florida, California, Colorado, Massachusetts and Texas. Moreover, Douglas Elliman has a strategic global alliance with London-based Knight Frank Residential for business in the worldwide luxury markets spanning 60 countries and six continents. The company also controls a portfolio of real estate services including Douglas Elliman Development Marketing, Douglas Elliman Property Management and Douglas Elliman Commercial. For more information on Douglas Elliman as well as expert commentary on emerging trends in the real estate industry, please visit elliman.com.
