Strong Sales Market Expected in 2017
As 2017 begins, another very active year is anticipated for North Fork real estate in both the rental and sales markets. Greenport Village remains hot, waterfront is always sought-after, and new construction is in demand. With inventory low, prices slowly rising, and interest rates about to creep up, a strong sales market with tight supply is expected. The North Fork continues to be a popular destination for those seeking value and quality of life.
Judi Desiderio of Town & Country Real Estate expects “great things for North Fork real estate in 2017, primarily for the sales markets, but both sales and rentals should experience heightened activity. Waterfronts and farm vistas are always the golden rings. Immaculate homes realize greater returns. We are experiencing strong demand for new construction, but there is not enough new construction to satisfy demand. Inventory is very low, while a slow steady ascent of prices is expected.” Judi says, “Buckle in for a good year of fits and starts with an end result of greater number of sales and higher priced products in demand.”
Sheila Izzo of NFRE Inc. anticipates, “the first quarter of the New Year to be slow as it was last year, with brisker sales to follow, similar to last year. Homes in desirable summer locations priced under $450,000 are the most active segment of the market. While inventory continues to be low in these hot segments, prices have remained steady, possibly inching up. According to Southold Town’s Building Department there has been ‘quite a few new construction permits’ and Riverhead’s new construction market is down considerably.” Sheila believes, “As the winter lulls with interest rates creeping up, sales will be up considerably by year’s end.”
Jill Dunbar of Douglas Elliman Real Estate says, “High-end rentals (homes with pools or on the water) have already begun to move. If the trend from last year continues, a good and active sales year is expected. Greenport Village remains very active. While inventory remains at an all time low, prices should continue their upward rise. It is exciting to see land sell at a good pace and new construction (both by builders and end users) on the rise.” Jill observes, “While the pool of buyers continues to increase, available homes have not. That is the biggest challenge in 2017.”
Jerry Cibulski of Century 21 Albertson Realty remarks, “The calls are coming in and the renters are asking for updated rates and availability for the 2017 season. The sales market looks very strong for 2017. Offers and showings have stayed strong over the holidays – historically the slowest period of the year – a strong indicator that the demand will continue on the North Fork. Available buyers are exceeding available sellers, creating a tighter market with less choice. Pricing has seen a sustainable increase in both Riverhead and Southold Townships and new construction is limited in availability.” Jerry predicts “strong sales with tight supply and enthusiastic buyers throughout the year as they try to beat the uptick in mortgage rates.”
Sheri Winter Clarry of The Corcoran Group says, “So far sales have been busy in 2017 and I expect it to stay that way. Every segment of the market is busy. Inventory is low, but listings are starting to come on in time for the spring market. Prices are really holding steady, making it a great time to buy and a great time to sell. New construction is starting to happen and there are some great projects on the market, such as one of my current listings!” Sheri exclaims, “Strap in people, 2017 is going to be a wild ride!”
Marianne Collins of Brown Harris Stevens reflects, “Early indications are that the summer rental season will be busy. Renters have been inquiring and looking at properties, even before the holidays. I foresee a steady increase in sales activity and prices, building on an incredibly active 2016. Greenport Village continues to be hot. Waterfront at all price points is always sought-after, as are properties in beach communities, new construction, and any property with unique North Fork character. There is still very little new construction on the North Fork, although builders are eyeing land values. Prices are inching up and if inventory remains low, upward pressure on prices should continue.” Marianne anticipates, “A steady increase in activity and prices, building on 2016’s momentum.”
JoAnn Wind of Daniel Gale Sotheby’s International Realty observes, “We are already seeing inquiries and rentals being secured for the 2017 season. I think we will have another busy summer. I am optimistic that our sales market will be active. Waterfront properties or houses that are near a beach or in a beachfront community are popular as are Orient Village and Greenport Village. Inventory is still very low, while prices are holding steady and still rising slowly. New construction has made a comeback. Builders are buying land and constructing spec houses again.” JoAnn thinks, “The market will stay strong as the North Fork has so much to offer. Our beaches, farmland, vineyards, restaurants, and open vistas will continue to attract buyers to the North Fork.”
Tom Uhlinger of Douglas Elliman Real Estate says, “I am cautiously optimistic about the rental season compared to 2016 and anticipate a better 2017 due to early inquiries. I expect continued strong sales. Homes that have water view or water access in the $400K-$700K range are most active. Greenport continues to be the hot spot on the North Fork. Though inventory is down considerably, prices are stable and I expect a modest increase in 2017. A few builders are building spec homes.” Tom thinks, “The first quarter, weather permitting, will see a strong sales period due to the concern of higher interest rates on the horizon and being a second-home community, buyers wish to be in for the coming summer season.”
Predictions are for a dynamic sales market on the North Fork in 2017, building on last year’s momentum. The North Fork offers a unique coastal lifestyle with ‘farm to table’ dining, pristine beaches, and quaint country villages. With enthusiastic buyers exceeding available sellers, now is the time to act quickly and secure your dream property.