While Hamptons real estate has been in the dumps lately, the same isn’t true for the North Fork. In the second quarter of 2018, North Fork properties sold at a 9% higher median compared to the same time last year ($600,000), while the Hamptons median was 5.3% lower, $975,000. Prices increased most sharply for the lowest quintile, up 12.8% from a year earlier.
The Town & Country midyear sales report showed similar results. All four markets surveyed (Jamesport, including Aquebogue, Baiting Hollow and South Jamesport; Orient, including East Marion and Greenport; Mattituck, including Laurel and Cutchogue; and Southold, including New Suffolk and Peconic) realized double digit increases in median price. Orient was the standout here with a median sales price increase of 35%, to $660,000.
Where didn’t prices increase? In all four markets, there were big decreases in sales below $500K. Why? Lack of inventory. We found it difficult to find any standalone properties (not condos) for sale under $500K. Most of the ones we found are vacant lots.
The Jamesport market scored the best results overall, with 24% more home sales, 45% more in sales volume and a 17% higher median price, year over year.
Mattituck closed the most sales with 67, and it boasted the highest priced sale (the only sale over $5M) back in March.
With all four markets combined, the median sales price rose 21% in the first half of 2018, year over year. The sector with the greatest increase in sales, at 30% more, was the $1-2 million category.
Clearly, the North Fork is doing well and should continue to improve for the rest of the year. But, as always, the question is whether growth is sustainable. Increasing mortgage rates and higher taxes will pressure the market; after all, the North Fork is not as seasonal an area as the Hamptons. But for people looking for a weekend home, the area promises lower costs and attractive recreation opportunities. Stay tuned.
Pictured: an East Marion three-bedroom asking $485K, repped by Bridget Elkin at Daniel Gale Sotheby’s. Set on 0.27 of an acre with a pool, it’s in contract–as we said, inventory at this price is very scarce.