Busy Summer Predicted
The North Fork real estate market is expected to be very busy this summer. The $500,000 and under range is the most active segment, while Greenport continues to be in strong demand. Inventory remains tight, causing prices to rise. With more buyers than sellers, properties priced well are going fast, often with multiple bids. As sales on the North Fork continue to be brisk, a strong finish to the year is predicted.
Judi Desiderio of Town & Country Real Estate says, “This year is shaping up to be the best year ever for North Fork real estate. Properties with bucolic vistas are selling at a premium. We expect this summer and the fall season to break records on the North Fork, but what we are sorely lacking are new listings. With inventory so low, prices are bound to rise. One segment of the market which is remarkably missing is new high quality construction.” Judi comments, “Our North Fork markets are less affected by the stock market gyrations than the Hamptons markets. The demographic of the buyer is different for much of the North Fork markets, though not when it comes to waterfront and bulk acreage.”
Kristen Rishe of North Fork Real Estate Inc. says, “The market has been busy with no end in sight. The summer is going to continue as we started the year, fast-paced. We are seeing a lot of rental inquiries ranging from two weeks to the whole summer. Greenport is definitely the hottest area. The most active segment is the $500,000 and under, though there is a lack of inventory in this segment. In fact, we are low on inventory in all price points. Prices are steadily rising, but not skyrocketing. The under $500,000 market is rising, while the over $500,000 market isn’t rising as fast.” Kristen believes, “The real estate market will continue to improve, as there is nothing holding us back.”
Jesse Stein and Gigi Martinez of Brown Harris Stevens say, “The year has started out quite strong on the North Fork. With a surplus of buyers and lack of inventory, a shift in the market has begun in favor of the seller. Prices remain robust. The most active segment of the market is the mid-range, with the average sales price in the $500K-$700K range. Greenport and Southold continue to be in demand. There is more new construction, however inventory remains low. We are seeing multiple offers on properties that are attractive in both location and price.” Jesse and Gigi predict, “The North Fork will finish out the year strong. It is still seen as a popular alternative to other vacation destinations such as the Hamptons.”
Karla Dennehy of Douglas Elliman Real Estate says, “The market has been brisk. Inventory remains tight and properties that are priced in the market are often receiving multiple offers. The $450,000-$600,000 range is hot. We are still seeing strong demand for Greenport and an uptick in Orient. New construction has also picked up. According to MLS the median sale price is up about 4% from last year while the average sale price had about a 10% rise. Inventory is down about 18%.” Karla believes, “If current global market conditions remain the same, we will continue to have a strong market. With interest rates still reasonable and inventory low, it is a good time for sellers to put their homes on the market.”
Janet Markarian of Daniel Gale Sotheby’s International Realty says, “The market for the first half of 2017 on the North Fork has had strong demand with very thin inventory. Since Memorial Day weekend, it has been incredibly busy, which I think is a sign of the summer to come. Quality waterfront and affordable properties in the $500,000-$600,000 range are the most popular. It seems like new construction on the North Fork is booming as good contractors are completely slammed with work. Prices are steady and solid for quality properties, though Greenport is a wild card. If priced right, it moves.” Janet foresees, “a steady and strong real estate market on the North Fork for the second half of 2017.”
Marie Beninati of Beninati Associates says, “The market has been particularly strong for Beninati Associates. We have had record sales this first half of the year and we are way ahead of many of our competitors. The summer will likely continue the rapid turnover we are experiencing. We are seeing a good growth recovery in the higher end waterfront properties compared to last year. Anything that is walking distance to water, that is in move-in condition, at $500,000 or below, is selling quickly. Prices have continued to go up but at a somewhat slower pace. The inventory is low but inching up.” Marie believes, “The market will continue to grow. We’ll see our usual busy end-of-season, August and it will continue into September.”
Sheri Winter Clarry of The Corcoran Group says, “The first half of 2017 has been very busy with a ton of activity! We are definitely planning on a very busy summer season! Every segment of the market has activity with homes available in every price point. The North Fork is hot, hot, hot! With so many great new restaurants opening, everyone is coming to check it out! Prices are holding strong and steady! New construction is needed and doing really well! Inventory is low and good inventory, priced well is going fast with multiple bids!” Sheri expects, “The second half of 2017 to be very, very busy!”
Jerry Cibulski of Century 21 Albertson Realty says, “Fast and furious is the best description for a market with more buyers than sellers. Beach communities, commercial, vineyard views, and waterfronts are all in demand. Prices are rising at a sustainable rate. Selections are tight and if the house or location does not meet the buyer’s needs, they are waiting for new offerings. We are getting used to the seller’s market, which equates to less homes for sale. This is the same market we experienced from 2001 through 2008 as a seller’s market with less selection of homes listed for sale.” Jerry expects, “Sales will continue to be brisk with multiple buyers and increasing vs. declining sales prices or volume.”
The North Fork is increasingly becoming a popular alternative to the Hamptons, for its value and laidback lifestyle. With July 4th around the corner, experience the North Fork’s quaint villages, fresh farm-to-table cuisine, and picturesque beaches. With inventory tight and prices rising, now is the time to discover your piece of the North Fork.