An Active Fall Market Expected on the North Fork
As the summer of 2018 slowly comes to a close, it was a very busy season for North Fork real estate for both rentals and sales. Greenport Village remains popular as does waterfront and walk-to-beach locations. The under $700K market is in great demand, while new construction is selling quickly, and land sales have increased. Prices are rising and will continue to do so as inventory stays low. As Labor Day approaches, the North Fork is gearing up for another active fall selling season.
Judi Desiderio of Town & Country Real Estate says, “Rentals this summer are filled to capacity!! At our Town & Country North Fork offices sales are brisk – about 20% ahead of last year. Under $700K is in great demand. Additionally, North Fork buyers love the waterways – all of them! Prices for most North Fork markets are solid with a healthy balance between supply and demand, but inventory on the lower price points – under $700K is not meeting the demand. Buyers love that new home smell. Newly built homes on the North Fork could be greater to line up with the buyer interest.” Judi reflects, “Fall is the height of our selling season and 2018 should be a great year!
Jill Dunbar of Douglas Elliman Real Estate says, “There was early activity on rentals with pools and waterfront. As for sales, the summer has been very lively. Greenport Village remains very busy, as do waterfront and water view listings. Prices are strong and have been rising while inventory is lower than in many years. The tightest inventory is in Orient, East Marion and Greenport. Land sales are strong again, for both builder and end users. An increasing number of buyers want new/turn-key homes. We are even seeing some “tear downs” on the North Fork.” Jill feels “as if there is a very good fall selling season on the way.”
Sheila Izzo of North Fork Real Estate Inc. says, “It was a very busy early spring for rentals and the mad dash in late June! Prices are up from last year, and due to our strong market, the trend will likely last for 2019. Inventory was low in the early spring, but with higher than expected sales prices, inventory has increased. It seems homeowners saw their neighbors’ homes sell quickly at or above the listing prices and want to capitalize on this trend. New construction is also selling quite quickly especially since buyers are demanding new or recently renovated homes.” Sheila remarks, “Expect the unexpected this fall!”
Marianne Collins of Brown Harris Stevens says, “Rentals have been steady with a late burst of activity for August. All areas of the North Fork are in demand! Prices are steady while inventory is tight everywhere, but particularly in mid-range waterfront properties, Greenport Village, and walk-to-beach locations. When new construction aligns with buyers’ desires regarding design, price and location, it goes very quickly.” Marianne observes, “The fall is always a busy time, with summer tenants wanting to find a place of their own, and new visitors arriving for what is actually the very best time of year on the North Fork! This year will likely be no different.”
Dolores Peterson of Colony Realty says, “The rental season has been hot, just like the weather! People are coming from all over to be on the North Fork. Summer sales have not slowed down at all. Prices have stabilized, it was a seller’s market for a long time but it’s turning around again even though inventory is low. Jamesport and South Jamesport have the least inventory right now. New construction will sell if the homes are already built, since the cost of construction materials has gone up and buildable lots are scarce.” Dolores predicts, “The fall is going to be a hot market and hopefully there will be more houses to sell!”
Thomas Uhlinger of Douglas Elliman Real Estate says, “The rental season has been active, but somewhat off due to the 14-day minimum rental requirement. Sales are very active. The most activity is at or near beach access. Greenport and surrounds are the hottest location. There are multiple offers on properly priced homes and increased pricing happening. Inventory has climbed over this time last year. There has been a definite increase in new construction, prices for building lots have moderated which makes it feasible for builders to purchase, build new and make a return on investment.” Tom is “optimistic that as in the past years the fall will be an active and successful selling season of the year.”
Marie Beninati of Beninati Associates says, “It’s been a relatively good rental season, if you take the reduction in business due to Southold Town’s “two-week minimum” requirement. Lots of last minute deals are being made. Sales are active and deals are being done and undone. Undone, primarily because of knee-jerk reactions to buy, due to the low inventory and after reflection, buyer’s remorse sets in. Prices are heading up and will continue to do so as long as the inventory of homes for sale stays so low.” Marie believes, “We will have an active market through the fall as long as the weather holds out. Next year will be a challenge when the tax increases to many New Yorker’s become a reality.”
Janet Markarian of Daniel Gale Sotheby’s International Realty says, “Seasonal rental activity was strong in early spring, but total rentals were down from 2017. Sales volume is on par with last year with days on the market up 5%. Favorites continue to be Greenport, New Suffolk, Shelter Island and Orient for the second home market. Median sales price is higher by 14% over last year with continued low inventory. New construction sold at prices 8.9% above last year. Land sales have increased over the last 2-3 years.” Janet believes, “Continued low inventory will fuel higher prices. As long as the overall economy remains strong, we should expect the second home market on the North Fork to hold value.”
The fall is always a busy season on the North Fork. The vineyards are preparing their annual harvest, the farms are getting ready for apple and pumpkin picking and the restaurants and shops are bustling with visitors. The fall is the perfect time to experience the North Fork. Make it your new lifestyle choice.