A Seller’s Market On The North Fork
As summer comes to a close, the sales market on the North Fork has been very strong, according to many realtors. With inventory low and demand high, prices are rising, making it a seller’s market. Greenport and New Suffolk are very popular as are waterfront, farmland, and vineyard view properties. The most desirable properties are gaining multiple offers from competing buyers. With demand exceeding supply, predictions are for an exciting fall selling season.
Judi Desiderio of Town & Country Real Estate says, “The 2017 summer rental market in our North Fork hamlets has been robust, while the sales market is shaping up to be the best year ever on the North Fork! Both T&C North Fork offices are reporting heightened activity, but we need inventory! Waterfront, farmland and the $1M-$2M range are the most active segments of the market. Prices are steadily climbing at a digestible pace while inventory is very low! We need more new construction!” Judi remarks, “The fall on the North Fork, harvest season, is comparable to summer season in the Hamptons.”
Thomas Uhlinger of Douglas Elliman Real Estate says, “The sales market is very strong. Near to the water with access is very sought after from the mid-$400,000 range to $800,000 plus. Well-priced waterfront is extremely hot. There is a resurgence of spec homes going up and offers being made by builders on vacant land. Prices are on the rise, with sellers holding close to their asking prices. Inventory has grown somewhat but is still very tight. With interest rates low and buyers excited about purchasing on the North Fork, it is a very good time to sell.” Tom is “extremely optimistic about sales this fall. The North Fork is still undervalued and sharp buyers know that.”
Donielle Cardinale of Daniel Gale Sotheby’s International Realty says, “The market is very strong up to approximately $700K with steady activity over $700K. Properties priced above $1.5M tend to move much more slowly. Newly renovated and move-in ready is very desirable. Prices are strong and growing on the lower end of the market with the rest of the market softer but steady in the higher ranges. Quality correctly priced inventory is very sparse.” Donielle observes, “Buyers are aware of lack of inventory and increase in demand. If a quality property comes on the market priced correctly, there will often be multiple offers very quickly. However, buyers are value conscious. Overpriced properties are not moving.”
Thomas McCloskey of Douglas Elliman Real Estate says, “I have seen an uptick in demand for higher-end rentals and expect this to convert into late summer and fall sales. Greenport and New Suffolk are in high demand with buyers. Waterfront, water view and vineyard view properties are always popular. With waning inventory, requests for new construction have increased. Prices on the North Fork are firm as we are currently in a seller’s market. Buyers are showing up with cash to enhance their prospects of winning multiple offer situations. Inventory is 20% lower than last year. This is supporting prices, encouraging new construction and some spec building.” Tom is planning “for a very busy fall and looking forward to meeting the demand with new inventory.”
Jerry Cibulski of Century 21 Albertson Realty says, “The sales market has been very strong, especially with buyers looking in the lower to mid-range priced waterfront and water view homes. But sellers with the best houses are holding onto them leading to a tight supply of options. New construction supply is starting to increase. The inventory continues to stay in a tight supply, which has led to price appreciation. Demand continues to be stronger than supply and the best offerings are gaining multiple offers as buyers jockey to compete to win the purchase contract.” Jerry predicts, “The fall selling season is going to be exciting as the pipeline of new listings stays in an under supply versus demand.”
Carol Szynaka of Daniel Gale Sotheby’s International Realty says, “The rental market started out with a boom back in November-January, but not much action since. Sales continue to be very strong in all price ranges. Prices are strong and are closing at, near, or over ask. The North Fork is hot in all price ranges and all communities. Inventory levels are low, while demand is high. With the 124-unit 55 and over community that is being built in Cutchogue, we will see added inventory. Homeowners will start to list residential properties with the plan to downsize into a condo.” Carol reflects, “We are preparing for a strong fourth quarter. We have the momentum.”
Marie Beninati of Beninati Associates says, “The rental market has not recovered from the Town Code restriction, requiring a two-week minimum. We are changing the demographics of the rental market and losing the middle-income families. The sales market has been nothing short of spectacular! We can’t keep up with the demand. Prices are moving up and I believe it will impact the volume of sales eventually. Anything under a million is moving quickly. Inventory is still low but more properties are coming on the market as owner-equity continues to grow.” Marie believes, “Fall will be strong because there is lots of demand that has not been satisfied, as long as more homes continue to come on the market and we have good weather.”
Sheri Winter Clarry of The Corcoran Group says, “The rental market wasn’t very strong, but that’s typical when the sales market is. Sales have been swift! Well-priced properties are going right away and properties that have had price reductions are going as well. There’s high demand and low supply! Truly every price point is busy and the entire North Fork is hot. There are some great new construction projects happening! Prices on the North Fork are holding steady and strong, if a house isn’t moving, it needs to be price adjusted.” Sheri exclaims, “There are so many great things happening on the North Fork, the fall is such a fun and busy time!”
As fall nears, there is no better place to be than the North Fork at harvest time. With the many festivities happening at the vineyards, farms, and in the villages, the North Fork is hot in the fall! As the North Fork becomes an increasingly popular destination, now is the time to make the North Fork your fantasy come true.