Transitioning into summer and recognizing this to be a period where the market slows, as a majority of buyers flee the city for greener (or sandier) pastures, we have reached out to select top brokers in other markets across the country to hear what they have to say about their local conditions. Unlike NYC, brokers in many top markets around the country are reporting low inventory and increased sales numbers (both in volume and average sales price), though not surprising, we note that the Hamptons is acting more similar to NYC. This “Seller’s Market” we are hearing about from our colleagues was last present in New York in 2015. While not always the case, we have noted that the NYC market is often ahead of the rest of the country, so many of these other cities may be in store for a similar market correction with buyers taking control in the foreseeable future.  As to our local market, we continue to see buyers with an upper hand. Properties are only selling when priced at a perceived discount relative to the sales of the past few years. For more details from our Global Real Estate Partners on their local markets please see the section below.

Global Market Update

Jeremy and Robin are members of the Global Real Estate Partners initiative, which is comprised of Sotheby’s International Real Estate’s finest professionals in every key market around the world. Currently spanning over 30 markets, this global partnership allows for unprecedented access to real estate resources worldwide. We've asked our fellow Global Real Estate Partners to share with us their thoughts on the current state of the market in their respective areas.

"Although the Q1 Total Dollar Volume in the Hamptons real estate market dipped 16%, we're experiencing a very active sale and rental market heading into the summer. Sellers are becoming much more motivated and buyers seek perceived value as supply outweighs the demand in several segments the market. As an office, the number of rental deals are up and as a team, we had a 33% increase." - Dana Trotter, The Hamptons

“The Greewnich market has been slowly improving with a higher concentration of sales in the $3M - $5M category. This area of the market had been stagnant for years. Inventory across the market has not increased as there have been many “off market” deals that alleviated high inventory levels.” - Shelly Tretter Lynch, Greenwich

"The Washington, DC market continues to be strong with International, Administration and families seeking a more urban lifestyle. High-end condo sales as well as historic properties continuing to increase in price." - Michael Rankin, Washington, DC

"The market in Palm Beach has been extremely active.  It has been especially true in the single family home market where we have seen an increase in in total Q1 sales volume from $147.7 million in 2017 to $256.9 million in 2018.  This represents a 74% increase in total sales volume on 37 single family home sales versus 22 during same period last year." - Todd Peter, Palm Beach 

"Sales of existing homes are up year over year. Low inventory is contributing to the upward momentum in prices, especially in areas such as Beverly Hills, Bel Air and the Hollywood Hills." - Marc Noah, Beverly Hills 

"A wave of frenzied home buying has washed over Malibu, where sales on the beach quadrupled in the first three months of the year. The ultra exclusive Malibu Beach neighborhood, lined with the multi-million-dollar homes of celebrities and business tycoons, logged 24 sales in the first three months of the year, compared to only six the first quarter of last year. Across all of Malibu, sales were up 36% over last year." - Shen Schulz, Malibu

"The Telluride, Colorado market continues to climb back to historic highs for unit pricing in both the Town of Telluride & Mountain Village markets. Single-family homes & penthouse-condominiums in the town historic downtown area are transacting in the $1,400/sf range with quality inventory at a multi-year low. The adjacent ski-in/ ski-out community of Mountain Village presently offers greater price/value by comparison to the town relative to the size of residential improvements and parcel size.” - Bill Fandel, Telluride

"Vail and Beaver Creek, Colorado in the summer is a great option for those wanting to escape the heat. In 2018, inventory levels for newer mountain modern homes is at an all-time low, making this segment a seller’s market. This year we have seen several home sales over $15M and a substantial increase in homes listed over $20M. Properties in Vail and Beaver Creek from $2M - $5M that are turn-key are selling very quickly." - Tye Stockton, Vail and Beaver Creek

"The Denver market continues to be incredibly robust.  With unemployment levels at some of the lowest in the Nation and metro-wide housing supply levels at less than two months, we are seeing strong price appreciation across the spectrum.  Further, with continual in-migration from the coasts, the high-end has shown strength in 2018." - Josh Behr, Denver