Real Estate Reports: Hamptons Market Eases While North Fork House Prices Edge Upward
Douglas Elliman’s North Fork Elliman Report showed an 8.4 percent increase in the median sales price on the North Fork, with a new median price of $517,400.
The Elliman Report also says that the entry threshold to the luxury market on the North Fork shifted downward sharply, while the market share of homes sold above $1 million also declined.
The Elliman Report said there was a 7.8 percent increase in the number of homes sold (166) on the North Fork in the past quarter, but listing inventory fell 19 percent, with just 593 houses on the market this quarter.
Despite the decline in inventory, the listing discount also increased in the second quarter of 2015. Douglas Elliman reported the difference between the last listing price and sales price averaged 10.9 percent, up from 7.1 percent in the second quarter last year. The average North Fork home sold in the second quarter was on the market for 140 days, 26 days fewer than in the same quarter last year.
The Corcoran Report also bore out the North Fork success story, with a 9 percent increase in the number of sales and an 8 percent increase in the median sales price.
They reported little change in the market share for lower price ranges over last year, with 27 percent of North Fork sales under $350,000, 33 percent between $350,000 and $500,000, 23 percent between $500,000 and $750,000 and 17 percent of sales above $750,000.
Those statistics did show a slight decline in the North Fork luxury market — 21 percent of the sales in the second quarter of 2014 were above $750,000.
Town & Country Real Estate CEO Judi Desiderio described her North Fork second quarter report as “a most unusual one.”
She said the areas of Matttituck, Laurel and Cutchogue had “an incredible quarter,” with 17 percent more home sales and a 35 percent spike in the median home sales price., with a “dramatic uptick” in the number of sales between $500,000 and $999,000, with 17 of the 35 homes sold in that price range.
She reported that Southold, New Suffolk and Peconic saw a 35 percent spike in total home sales volume and a 20 percent spike in median prices.
In Orient, East Marion and Greenport, she reported 4.4 percent fewer sales than this quarter last year, but a 17 percent jump in price, while in Jamesport, Aquebogue and Baiting Hollow she reported an 11 percent decline in the number of sales but a 20 percent increase in median price.
Overall, she reported a 19 percent jump in median home sales price for the North Fork, though the number of homes sold was only up 1 percent.
Suffolk Research Service reported the median home sale price in Southold Town at $520,000, with 102 sales in the quarter. They reported the median price in Riverhead Town at $365,000, with 94 houses sold in the quarter.
Suffolk Research Service’s reports are online here, The Corcoran Report is online here, the Elliman Reports are online here and Town & Country’s reports are online here.