2018: Sales Down And Prices Up on the North Fork
The volume of home sales on the North Fork was down in 2018 compared to 2017, but prices are up as inventory continues to be tight. New construction and waterfront homes are in demand and there is increased interest in land. Greenport Village and the Love Lane area of Mattituck are strong and anything under $500K is moving very quickly. As 2019 approaches, expectations are for a strong sales year ahead on the North Fork.
Judi Desiderio of Town & Country Real Estate says, “Having just completed the 3rd quarter North Fork home sales report, it clearly showed the number of home sales are down by over 28% compared to 2017. Waterfront is always the golden ring. With conviction I believe prices on the North Fork are headed for a healthy ascend as inventory is severely lacking! The most inventory is in the over $2M range, while the least inventory is under $1M. There’s a great demand for new construction under $1M – but the new construction mostly hitting the market is at $2M plus.” Judi observes, “The North Fork is to the Hamptons what Brooklyn is to NYC – it’s hot, it’s interesting, it’s popular with all generations.”
Dolores Petersen of Colony Realty says, “Sales were very good all year long, pretty comparative to 2017. The most active segments are waterfronts and condos. The hot areas have been Aquebogue and Jamesport. Prices are holding steady, but inventory unfortunately is still low. Southold has the most inventory, while South Jamesport and New Suffolk have the least inventory. New construction sales are going very well. The problem is there is not enough new construction due to the inability of builders to buy lots to build on.” Dolores remarks, “So far we are having a strong fall and I feel we will have a strong real estate market throughout the winter and hopefully this will carry through to next year.”
Thomas McCloskey of Douglas Elliman Real Estate says, “The volume of sales for 2018 is down approximately 15% when compared to 2017. It has followed the inventory levels which were running 15% less than last year for most of 2018. But since October 2018, inventory has caught up to last year’s inventory at the same time period. Even though inventory and interest rates are increasing, pricing and buyer interest remains strong. New construction, complete renovations, and newly remodeled homes are in big demand; especially when coupled with waterfront or water views.” Tom believes, “The North Fork real estate market will continue to be strong until inventory increases to levels seen in 2015-2016.”
Tom Scalia of Century 21 Albertson Realty says “Sales in 2018 stayed strong compared to 2017, but inventory has remained low causing a drop in total transactions and an increase in median selling price, especially in the high end of the market in Southold Town. Prices have increased in 2018 due to lower inventory and continuing strong demand. As with most markets with inventory shortages we are seeing an increase in new construction.” Tom believes, “We will see a slight increase in inventory in 2019 while the demand will remain strong on the North Fork creating an increase in the total transactions. Median prices will continue to rise but at a slower rate than 2018.”
Cheryl Schneider of Daniel Gale Sotheby’s International Realty says, “Fewer homes went into contract and closed this year than last year, although total dollar volume is up, reflecting prices and the strength of the market at the high end. The most active segments are the top and the bottom – anything under $500,000 is moving very quickly, especially near the water. Greenport Village and the Love Lane area of Mattituck are strong. Prices are a bit higher than last year. New construction is hot right now!” Cheryl feels “very positive about real estate sales on the North Fork in 2019. Our season is longer and our prices are better than the South Fork with all our wineries, villages, and artisanal food!”
Sheri Winter Clarry of The Corcoran Group says, “Sales were up this year over last year. All segments of the market are active including the under $1M range as well as high-end properties. Every area on the North Fork is hot. So far, prices have been holding strong and steady. If a property does not sell and there is a price reduction, it will get activity. Inventory is slim so when good properties come on the market, they go right away. New construction is increasing and sales are going well.” Sheri thinks, “North Fork sales will continue to remain strong. The North Fork is still an undervalued market which is coming into its own.”
Marianne Collins of Brown Harris Stevens says, “The number of sales on the North Fork through third quarter are down in 2018 vs. 2017, but prices are up, reflecting supply and demand. We have seen increased interest in land, both for development and for agriculture. New and recent construction waterfront homes are in demand. If current trends continue, prices will modestly increase. Inventory continues to be tight, so when something unique comes on the market, there is a rush for it.” Marianne reflects, “It seems the North Fork is really coming into its own, with new businesses, restaurants, farms, and of course residents. It’s only natural that more people will want to live in this beautiful place.”
Karla Dennehy of Douglas Elliman Real Estate says, “The number of sales were down 21% in 2018 over 2017 but sale prices were up. The median sale prices were up 12.5%. Homes under $600,000 are moving quickly. Greenport remains strong and properties located on or near the water are in demand. Inventory is down about 5% but there are signs it is starting to loosen up. The larger towns of Southold, Mattituck, Cutchogue, Greenport, and Riverhead have the most inventory, while New Suffolk and South Jamesport have the least. There is more spec building.” Karla thinks, “Buyers are still skittish about rising interest rates and the new federal tax laws so we might see more conservative offers next year as buyers adjust to the market.”
2019 should be a dynamic year for North Fork real estate. While inventory and interest rates are increasing, pricing and buyer interest will remain strong. New construction and waterfront properties are in big demand. The North Fork will always attract folks to its scenic wineries, charming villages, and laid-back lifestyle. As the new year begins, discover your North Fork getaway in 2019.