If you're looking for that mansion in the Hamptons this summer, your choices may be dwindling.
The inventory of luxury homes in the locale—which make up the top 10 percent of sales—is down 42 percent in the first quarter compared to the same period a year earlier, according to a report from real estate broker Douglas Elliman and appraiser Miller Samuel. There were 259 luxury homes on the market, about a 14-month supply, in the first quarter.
During the quarter, the average sale price in the Hamptons hit $1.76 million, up 3 percent from 2014.
All those numbers mean that this summer in the Hamptons will be especially competitive for wealthy real estate buyers.