North Fork Market Remains Strong Heading Into Fall
As we look back on the summer of 2018, it was a busy season for rentals and an even busier one for sales on the North Fork. The most active segment is below a million with waterfront always popular. Inventory continues to be tight while prices remain strong. Land is gaining more interest and new construction is in demand. As harvest time approaches, predictions are for another great selling season on the North Fork.
Judi Desiderio of Town & Country Real Estate says, “North Fork rentals for 2018 were at full capacity! There is an uptick on high end sales as well as the below $800,000 price range at Town & Country Real Estate. The most active segment is below a million and waterfront is always the golden child! Prices have been on the rise for some time and inventory is way too low! Areas with the most inventory are the $2M homes while the least inventory is below $800K. New construction on the North Fork is some of the best quality we have seen.” Judi believes, “Thanks to the farm-to-table cuisine and rural beauty of the North Fork, it has nowhere to go but up!”
Erin Kaelin of North Fork Real Estate Inc. says, “The rental season this summer was busy as ever, with larger inventory this year. It continues to be a robust sales market. The entire North Fork is hot, but South Jamesport is getting more notice from second-home buyers. Prices remain strong and inventory remains tight. The most inventory tends to be in non-waterfront in the $900K-$1.4M range. The lower range where first-time home buyers tend to be always has the most competitive market. There isn’t much inventory in new construction but there are some nice pieces of land on the market.” Erin expects, “Sales will remain strong and we’ll see a busy fall season as we usually do.”
Jill Dunbar of Douglas Elliman Real Estate says, “The North Fork is awash in rentals. There was less inventory and fewer sales in the first 3 quarters of 2018 than in the same period last year. Inventory still remains low, with Southold, Mattituck, and Cutchogue having the most. The most active segment is $450,000-$600,000. Homes close to the beach are in demand. The average home price on the North Fork increased during 2018 which is directly linked to low inventory. The final quarter of the year should be robust.” Jill observes, “We are beginning to see more listings come on the market, so we could see a little adjustment from a seller’s market, which we have been in all year.”
Marianne Collins of Brown Harris Stevens says, “It was a good rental season on the North Fork! It’s been a busy year so far for sales and no sign of slowing down. There has been tremendous activity across all segments! Buyers love areas with a farm view, village walkability, proximity to a beach or a waterfront setting. Prices are steady. Inventory continues to be tight across all segments, especially in the low end (under $600K) and in mid-range waterfront (under $2M). We need more new construction!” Marianne remarks, “Fall is always a busy time – the harvest season shows the North Fork at its best. So even though summer is over the buyers are here and it’s a great time to sell.”
Janet Markarian of Daniel Gale Sotheby’s International Realty says, “Rentals were down from previous years. Supply outpaced demand. Our mid-year market report shows comparable sales in 2017 and 2018. The most homes sold by village are Mattituck and Cutchogue, then Greenport, Jamesport, and Orient. Median sales price is up 14%, average sales price up 10%, and highest price up 23%. So far this year, there are 13 new construction homes either under contract, sold or currently on the market.” Janet observes, “We are seeing more buyers from the Hamptons and Sag Harbor. The North Fork offers these buyers a more peaceful ambiance and good value. We also continue to have Manhattan, Brooklyn and mid-island buyers looking for second homes.”
Marie Beninati of Beninati Associates says, “The rental season was as expected – good but not great – impacted by the Town Code restrictions requiring two-week minimums. The sales season has been quite brisk – faster turnover in inventory. Great for sellers, not so great for buyers since choices are limited and homes get bought up before prospective buyers can see them! The market is active at the bottom end under $450,000; and active at the million-dollar plus level, usually on the water. Prices are high due to high demand and low supply.” Marie predicts, “The fall season will continue to be active as long as the weather holds out. There are lots of buyers who want to buy now rather than later.”
Thomas McCloskey of Douglas Elliman Real Estate says, “Based on my calculations, there have been roughly 15% fewer transactions over the last three months on the North Fork and inventory has been down by approximately 4%. As expected, interest is high for waterfront and waterview homes. Greenport has been in demand as well. Further, given the lack of turnkey inventory, there has been renewed interest in fixer uppers and new construction. With respect to pricing, the market remains strong. Reduced inventory coupled with strong buyer demand continues to support competitive pricing, even in spite of an environment of fewer transactions.” Tom expects “this trend in rising prices to continue through the end of the fourth quarter.”
Sheri Winter Clarry of The Corcoran Group says, “The rental market was a bit slower due to the two-week rental minimums and the sales market being so strong. Sales are extremely brisk. Inventory in every price segment is getting activity, but under a million is always hot. Prices are holding steady and any inventory that is lingering will move with a price reduction. Pricing is strong on waterfront properties, especially anything with beach and direct boating access. New construction continues to rise due to low inventory and demand being high.” Sheri remarks, “The start to the fall has been extremely active, so if you are seriously looking at a purchase, now is a great time, especially prior to interest rates rising.”
Autumn or harvest time is one of the best seasons to be on the North Fork. Stroll along the quiet beaches, taste the wines at the local vineyards, feast on farm-to-table cuisine, and shop in the quaint villages. Expect this fall to be as busy as usual with more folks discovering their piece of the North Fork.