The residential market on Long Island’s East Side rebounded last month after a slump in April.
New signings in the Hamptons and North Fork both rose, following similar increases in Manhattan and Brooklyn, according to a monthly report by Miller Samuel for Douglas Elliman. increase.
“This isn’t unique to the Hamptons, or Manhattan, or New York City. We’re seeing it in Florida and Southern California, Colorado, and all the areas where we did this study,” said report author Jonathan Miller. “There was some slowdown in April and then the market got back on track quite strongly in May.”
More homes came to the market in the Hamptons last month than in the previous month, while new listings in the North Fork were roughly flat.
“It’s starting off near record lows,” Miller said. “The new inventory is good for the market because the supply is so scarce.”
In the Hamptons, new contracts signed were up 23% from April, the fourth increase this year. New listings rose for the third time in four months, up 57% from the previous month.
In North Fork, new contracts signed rose 58% in May, the third increase in four months, while new listings remained steady compared to April.
Residential markets on the East Side are starting to catch up, and in some cases surpass, the housing boom experienced in the first half of 2022.
Compared with last May, Hampton’s new contract signings fell only 3%, from 93 to 90. New listings fell 19 percent to 144 from 177.
The number of North Fork signings increased by more than 50%, from 27 in May 2022 to 41 last month. New listings remained below last year’s pace, falling 37 percent to 44 from 70.
