Real estate transactions for the first month of 2021 kept up the pace with what has been an extremely busy time during the COVID-19 pandemic, evidenced by the Peconic Bay Community Preservation Fund.
The CPF produced $21.07 million in revenue for the Peconic Bay Region during January, up 131.5% as compared to the same month one year earlier, when only $9.1 million was produced—but of course, that was pre-pandemic.
“The $21.1 million is the second largest monthly revenue figure in the history of the program. The largest was December 2020, the previous month, when $21.3 million was generated,” Thiele explained in a statement.
Still, not every town on the East End saw a jump. The Town of Southold, saw a small dip, taking in 15.6% less in January 2021 than it had in January 2020. The town’s CPF received $920,000 versus $1.09 million one year earlier.
The demand for homes on the North Fork is still there, but a lack of inventory is to blame for the falling numbers, according to Judi Desiderio, the CEO of Town & Country Real Estate. “Currently on the entire North Fork there’s less than 100 homes on the market. Just a few years ago there were over 500 regularly. Prices have risen but not to adverse levels,” she said.
In January, the Town of Shelter Island saw the biggest jump—837.8% to be exact—taking in $750,000 as compared with $80,000 one year earlier.
The Town of Southampton received $13.02 million in Community Preservation Funds, a 172.4% jump from January 2020 when it received $4.78 million. East Hampton Town also saw a hearty increase, from $2.64 million to $5.76 million, a 118.2% uptick.
Riverhead Town saw the small increase, just 15.7%, from $510,000 to $620,000 month over month.
As of the end of January 2021, the fund generated $151.4 million in the last 12 months.
Since its creation in 1999, the fund has generated $1.62 billion for the five East End Town.
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