The vacation season in the Hamptons is already half over, but many real estate agents on the South Fork of Long Island are banking that the summer sales frenzy has just begun. “In April or May, we get developers calling to ask why their houses haven’t sold,” says Andrew Saunders, the founder of Saunders & Associates, a Hamptons real estate broker. “But then in the second half of the summer, everything sells—it’s a defined trend.”
Home prices have fallen slightly over the past year, as has the rate of completed sales. That’s due to a 2014 surge in demand that drove up prices to a seven-year high. Owners then rushed to list homes to capitalize on the boom—and as a result, buyers had plenty of options,and the time to pick and choose.