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.

 

As the 2017 summer season kicks off, another busy year is expected for Hamptons real estate both in rentals and sales. Rentals are trending towards monthly rather than full season, while sales are already better than last year. Amagansett, Sag Harbor, Water Mill, and Bridgehampton are hot. Waterfront is in very high demand, while new construction is active. In select areas of the market, prices are rising slightly, while inventory is decreasing. Predictions are for a good year in Hamptons real estate.

By Ruth Thomas As we head into fall, many realtors agree that the summer of 2016 was their busiest season ever and even the best year yet! Greenport Village and waterfront properties continue to be the most sought after areas as well as the $500K and under price point. With demand high, inventory low, and prices rising, many properties experienced bidding wars, creating a seller’s market. With the activity level now at its peak, a brisk fall sales season is predicted. Jesse Stein and Gigi Martinez of Brown Harris Stevens say, “The summer was a very active season for sales. The low-end, $500K price-point, as well as high-end waterfront is performing well. Southold and Greenport Village are in high demand. Pricing remains relatively steady, but high demand and low inventory will continue to drive pricing up. We are seeing more new construction. Buyers continue to migrate from up the island as well as the five boroughs, as the North Fork continues to be an attractive second home market.” Jesse and Gigi believe, “Low interest rates coupled with low inventory are going to ensure brisk sales throughout the fall season. Buyers will have to move quickly if they want to secure that perfect property.”

By Ruth Thomas As predicted, sales on the North Fork this summer were very strong. Waterfront and water view properties continued to be in high demand, amidst rising prices and low inventory. There was also an increase in vacant land sales. And there were multiple offer situations and bidding wars. As many agents reveal, for certain properties, it was becoming a seller’s market! Judi Desiderio of Town & Country Real Estate says, “The 2016 North Fork summer season was teeming with visitors. T&C’s mid-year home sales report showed all North Fork markets combined had significant gains in the number of home sales (+12%) as well as total home sales volume (+15%). The most active segment of the market is ‘under a half million.’ Waterfront is always in great demand. We could use more new construction! Who doesn’t love the smell of a new home – it’s the only thing that trumps the smell of a new car. Prices are on a slow and steady ascend as inventory is lacking.” Judi observes, “The beauty of North Fork living is no longer the best kept secret.”