It Was a Very Good Year2017 MARKED BY LOW INVENTORY AND RISING PRICES
It was a very strong year for the North Fork real estate market in 2017. As inventory shrank and prices rose, there were multiple instances of bidding wars. The mid-market segment $500K-$800K was the most active with Southold and Greenport Village the most popular areas. New construction is on the rise and waterfront is always in demand. It’s a seller’s market right now on the North Fork, but if inventory increases, predictions are for a very busy and more balanced market in 2018.
Judi Desiderio of Town & Country Real Estate says, “2017 will go down as one of the North Fork’s biggest years yet! Town & Country’s third quarter home sales report showed the number of home sales was up 15.3%, the total home sale volume rose 23%, and the median home sale price increased 22.34% over this time last year. The $1M-$2M price range rose the most at +140%, but the $500K-$1M price range logged 55 home sales, a 67% increase year over year. Southold and its surrounding areas performed the best. Inventory on the North Fork is very, very, very low, while prices are on the rise.” Judi observes, “As the North Fork enjoys its new mojo, the vibe and audience are all moving in all the right directions.”
Jesse Stein and Gigi Martinez of Brown Harris Stevens say, “The North Fork real estate market was robust in 2017. Listing inventory shrank and prices continued to rise, which led to multiple instances of bidding wars. Currently, the mid-market segment, $500K-$800K is the most active. Southold continues to account for the large majority of sales. There is a steady flow of new construction and several new developments are popping up from Mattituck to Cutchogue.” Jesse and Gigi remark, “There are no signs that sales on the North Fork will slow in 2018. That being said, a continued tight supply of inventory could hold back the market, but continue to drive up prices.”
JoAnn Wind of Daniel Gale Sotheby’s International Realty says, “Sales were up in 2017 but inventory is still low. We saw a very competitive market. More all cash buyers and many more properties with multiple offers and houses selling over asking price. Greenport Village continues to be very active. Orient is another popular location. Prices are steady and still on a slight uptick, mostly due to low inventory and the discovery of the North Fork’s vineyards, farms, beaches and farm-to-table restaurants. New construction is on the rise.” JoAnn thinks, “The North Fork has become a vacation and wedding destination. This will continue to keep the real estate market active and trending towards higher prices. If inventory increases, we should have a very busy 2018.”
Jill Dunbar of Douglas Elliman Real Estate says, “The 2017 market has been brisk and competitive. It was not unusual for there to be multiple offers. Prices on the North Fork are approximately 6.7% higher than last year, and should continue to rise. Greenport remains sizzling. Waterfront and water community properties are strong. Houses in the modest price range are selling swiftly. Inventory is unusually low while builders are active.” Jill expects, “Next year will continue to be a seller’s market, which will pose the biggest challenge for buyers. Buyers need to be qualified and ready to make a strong offer. As for sellers, there seems to be no ‘season’ at this moment; serious buyers are looking throughout the winter.”
Thomas McCloskey of Douglas Elliman Real Estate says, “This has been a very good year for the North Fork real estate market. Properties are moving on and off the market quickly. This is a result of low inventory, increased buyer demand, and the increasing popularity of the North Fork. Waterfront is hot and in demand as is Greenport. Inventory is currently very low and will continue to diminish going into the holidays. Prices are strong and that trend will continue until inventory increases significantly. New construction is in demand as buyers would rather build than renovate.” Tom notes, “We are in a seller’s market right now, I expect an increase in inventory next year that will lead to a more balanced market.”
Sheri Winter Clarry of The Corcoran Group says, “There has been a ton of activity in every segment of the market! Especially the new condo development in Cutchogue I’m representing. Sales have been swift especially when something comes on the market that is unique and priced properly. There is a lack of inventory out there, so now is a good time to sell. Prices have been holding steady. Lots of good new construction projects are happening and are in the works for 2018!” Sheri predicts, “If 2018 is anything like the last couple of years, it will be another good solid year. The North Fork is really coming into its own. With our restaurants and hip vibe, it’s a great location to spend time and to invest!”
Marie Beninati of Beninati Associates says, “This year has been a very strong year for home sales. As always, waterfront homes or homes near the beach are in high demand. Also homes that were updated and move-in condition, were quickly sold and often had multiple offers. Inventory is the lowest level in the past 20 years, while prices are heading up.” Marie believes, “2018 is a big question mark because the tax bill going through Congress has many provisions that attack the tax deductions homeowners rely on, especially the second-home owner. We have barely recovered from the real estate market crash of 2008. The legislation proposed, suggests members of Congress have very short memories and don’t understand the importance of a stable residential real estate market.”
As 2018 fast approaches, the North Fork has become a vacation destination with its festive vineyards, bucolic farms, and charming villages. With demand high, inventory low, and prices rising, 2017 was one of the biggest years yet for real estate on the North Fork. If inventory increases next year, expectations are for another solid year for real estate on the North Fork in 2018!