Another Strong Sales Year Predicted for 2017
The 2016 North Fork real estate market was very strong overall and for many realtors, it was their best year since 2008! With sales up, prices rising, and inventory very low, it was a seller’s market. There were multiple bids with properties selling at or above asking price. Greenport Village remained the hottest market. As we approach 2017, predictions are for another very strong sales year on the North Fork.
Judi Desiderio of Town & Country Real Estate says, “2016 will go down as a transition year for our North Fork markets. T&C’s third quarter home sales report showed three sales between $2M-$3.5M, and the median home sale price jumped over 11%. T&C sold more homes and at greater price points than ever before. While the bulk of the sales remain below $500,000, there is a recognizable uptick at the $1M-$2M range. Commercial and investment opportunities are significant as is anything on the water or with open farmviews. Inventory on the North Fork is the lowest in years! We will see more builders as demand increases.” Judi predicts, “A steady ascend for the North Fork real estate market in 2017.”
Tom Uhlinger of Douglas Elliman Real Estate says, “2016 seems reminiscent of 2004-2006, when the market was climbing towards its peak. Sales were most prevalent up to the $600,000 range. Greenport is undoubtedly the hottest market on the North Fork. Prices held firm, with some multiple bids and over ask selling prices. Inventory is now down, down, down!!! If inventory stays low, prices will be increasing in 2017. There was a slight uptick in new spec construction.” Tom predicts, “Similar positive movement in the first and second quarters.”
Kristen Rishe of North Fork Real Estate Inc. says, “The 2016 North Fork real estate market was very strong. Sales were up and we are ending the year on a very strong note. Homes under $500,000 were the most active segment. Greenport is very hot with rising prices. The Village of Orient is always strong and there is some increased activity in South Jamesport. While prices are holding strong, I still believe the market is sitting in-between a buyer’s and seller’s market. As 2016 wraps up, the inventory has really slimmed down. Land has started to move and some new construction is popping up.” Kristen reflects, “With the election behind us, I don’t foresee any drastic real estate changes for 2017.”
Tom Scalia of Century 21 Albertson Realty says, “2016 was a very steady year with positive growth throughout the North Fork market. Albertson Realty’s market share increased by over 200% in 2016. It was our best year since 2008. The high end and lower end of the market was active while the middle of the market remains challenging. Median prices in both Southold and Riverhead Towns were up and that trend will likely continue through 2017. Inventory was down significantly and with demand on the rise, we saw the higher trend in sale prices. New construction is up from last year and I believe we will see the same in 2017.” Tom believes, “2017 will be very similar to 2016 in most respects.”
Marie Beninati of Beninati Associates says, “The pace of home sales in 2016 was and continues to be brisk. Overall our sales have been very good with a number of deals waiting to close. The entry point, under the $450,000 mark was the most active with the fastest turnover. Higher-end properties over $1M had a slower turn. Prices continue to increase. The third quarter median price for Southold Town was $535,000, an increase of 4.9% over last year. Inventory is still low. It’s a seller’s market, without any doubt.” Marie believes, “Volume will slow down while prices will continue to increase, unless more sellers come into the marketplace. For sellers, this is a real opportunity to get the best return for your home. For buyers, you will get more house for your money the sooner you buy.”
Jesse Stein and Gigi Martinez of Brown Harris Stevens say, “The North Fork real estate market performed nicely in 2016. Average sales price and median sales price rose, while days on the market fell due to tight inventory levels. Sales remained strong throughout 2016 compared with 2015. The most active segment of the market was the $600K-$700K range. Southold saw the most sales in terms of units, while Greenport Village saw an uptick in units sold over the year before. There is more new construction on the North Fork.” Jesse and Gigi think, “2017 is a wait and see. With the new president-elect set to take office, it is unpredictable how the financial markets will perform. That performance will have a huge impact especially on the North Fork market as it is comprised of a large pool of second-home buyers.”
Sheri Winter Clarry of The Corcoran Group says, “The 2016 North Fork real estate market was fast and furious! It was a great sales year. Buyers and sellers alike are both happy. Quite honestly, there isn’t one segment that doesn’t have activity! Prices are holding steady and it’s a great time to buy or sell, but there isn’t enough inventory! New construction and renovations fared very well this year!” Sheri thinks, “2017 is going to be an absolutely incredible year!”
Donielle Cardinale of Daniel Gale Sotheby’s International Realty says, “The North Fork real estate market was very busy in 2016. We saw multiple offers on most sales throughout the year. Properties priced well were selling very quickly, often at and above asking price. Entry level (up to $500,000) is almost always strong, but things were moving like wild fire all the way up to $1M. The Village of Greenport was an especially popular choice for weekend homebuyers. Prices were climbing and the market seems to be staying strong even as the holiday season begins. Overall inventory was low. We have very little brand new construction.” Donielle believes, “Based on the momentum that has continued to build regarding buyer demand and the shortage of available inventory, we should head into 2017 moving in that same direction.”
2016 was a very busy year for North Fork real estate. With inventory down, prices up, and demand high, the year ended on a very strong note. As 2017 lies just around the corner, an equally if not better year is anticipated. While the opportunities are still there, make this the year you invest in North Fork real estate and realize your dream destination.