MARKETWATCHReal Estate Market is Booming on the North Fork
As spring arrives, expectations are for another busy season in real estate on the North Fork. Seasonal rentals are exploding and sales continue to be strong. Greenport Village is in very high demand. Prices are on the rise, inventory is still tight, and new construction and land have been very active. It’s basically a seller’s market and buyers need to move quickly to secure their dream property.
Judi Desiderio of Town & Country Real Estate says, “Rentals on the North Fork are exploding, but the terms remain relatively short. As for sales, Town & Country Real Estate is experiencing bidding wars in just about all price categories. This is primarily due to strong demand yet low inventory. On the low end, inventory is weak and prices are on the rise. The high end is still finding its footing. We are seeing Hampton quality new construction on the North Fork.” Judi says, “Actually the fall is our busiest market on the North Fork, but spring runs a close second and we anticipate more customers than ever heading east to enjoy the beauty and flavors of our North Fork markets.”
Paul Loeb of Douglas Elliman Real Estate says, “I have had good luck getting some early rentals done, but still have plenty of rentals available. Sales so far have remained steady. Lower priced land is moving fast as spec builders and savvy second home buyers try to build economically. If it is near a beach, preserved land or Greenport Village, it’s hot. Prices have climbed back up and I anticipate they will climb higher. Inventory is a little better, but still quite sparse. There is very little available on the low end in Southold Township. Builders are buying land again and building houses to be sold.” Paul anticipates, “The rental and sales market will be very active and prices will continue to climb.”
Jerry Cibulski of Century 21 Albertson Realty says, “Vacation rentals are seeing good activity. We seem to have had a normal first quarter in terms of sales showings and offers. March has seen positive appreciation. The inventory is holding steadily at a low range of supply. New construction has been very active with buyers looking at the new offerings and reviewing floor plans and finishes.” Jerry thinks, “We will see mortgage interest rates climb slightly as the economy continues to recover. The best offerings will continue to garner multiple offers as there are more buyers in the market than sellers. That means the homes will move quickly so don’t stall only to find out someone was there ahead of you!”
Marianne Collins of Brown Harris Stevens says, “Rentals started early and have continued active, with a lot of interest in beachfront and pool homes. As for sales, the high end ($2M+) is very active, and large land parcels are seeing serious interest. Anywhere there are farmland views is hot, as well as close-to-beach areas and Greenport Village. Prices are holding steady, and in some cases increasing, particularly at the low end of the market. Inventory is still tight. We are seeing some new construction, but could use more!” Marianne believes, “Inventory should increase as sellers list for the spring and summer season. There is no shortage of buyer interest, and so I expect another strong year on the North Fork.”
Donielle Cardinale of Daniel Gale Sotheby’s International Realty says, “Certain areas of the market are extremely strong with multiple offers going over asking if they are move-in ready and appropriately priced. The most demand is at the entry level, especially anything under $600,000 up to $700,000. For waterfront, the $1M-$1.5M is very active. Prices have seen some growth, but primarily in the high demand price points. Inventory is extremely low. We do not have a lot of new construction.” Donielle thinks, “We will continue to see a shortage of options and buyers need to be very proactive. However, sellers should not get overzealous. This is primarily a second home market. Buyers will wait for the right home at the right price.”
Thomas McCloskey of Douglas Elliman Real Estate says, “Seasonal rentals started off slow in January and February but have picked up in March. Inventory is down since the first of the year, a highly unusual occurrence on the North Fork. This is due to properties moving off the market faster than usual for the first quarter. With the lack of inventory, interest in land and new construction is stronger than in years past. Houses under contract since the first of the year have outpaced 2017 and 2016 by about 40%. Prices are strong, Greenport is in very high demand. The price range of $400,000 to $700,000 is moving very quickly.” Tom expects, “a fast-paced market with continued strong pricing and low inventory.”
Dolores Peterson of Colony Realty says, “The rental season is fantastic so far, there are not enough rentals to meet the demand this year. I believe it’s because of the U.S. Open Golf Tournament in the Hamptons. Sales have been very good, it is basically a seller’s market and we’ve been very busy. Prices are above average. If inventory stays low, they could go a bit higher. New construction has begun on the North Fork, which is definitely helping our sales.” Dolores believes, “The upcoming season is going to be a busy one once again. We have many customers from Nassau County and New Jersey who are coming to the North Fork because we have everything they want.”
Kristy Naddell of Douglas Elliman Real Estate says, “There is an abundant supply of seasonal rentals available this year. It’s a good opportunity for renters to find great deals on summer homes on the North Fork. Sales continue to be strong. Most homes priced well are getting multiple offers and selling for asking price or above asking. Prices have definitely gone up and we are not seeing any signs of decline. Inventory continues to be tight. Land has been selling and I expect to see more new construction this spring.” Kristy says, “It’s a very exciting time on the North Fork. The real estate market is booming and every day people are discovering the quality of life that is enjoyed here!”
As the weather warms up, people are starting to head out east to the North Fork for its beautiful beaches, vineyards, farms, and quaint lifestyle. The North Fork is abuzz with activity and has become more popular than ever. With a shortage of inventory and high demand, now is the time to discover your ideal home before someone else does!