As 2019 begins, the North Fork real estate market is off to a great start! Rental inquiries have started early and sales are brisk with an increase over 2018. The most active sales are below $1M, while the luxury market is holding its own. Prices are going up and inventory is improving. Builders are active and new construction is selling quickly. The market is coming into balance between buyers and sellers. Expectations are for a strong year for the North Fork real estate market.
Judi Desiderio of Town & Country Real Estate says, “North Fork rentals for 2019 have been on par with 2018 but the real uptick is in the sales market. Sales interest in North Fork real estate is at an all-time high! The only drag is the lack of inventory. Waterfront is always the golden goose but most sales are occurring below $1M. Prices are appreciating on the North Fork and should continue at a reasonable steady climb. The quality of new homes on the North Fork are pressing new heights year after year.” Judi believes, “2019 is poised to surpass 2018 based on preliminary numbers from Town & Country’s North Fork offices. I remain bullish on North Fork real estate.”
Thomas Uhlinger of Douglas Elliman Real Estate says, “I am receiving multiple inquiries on my rentals which is an increase over this time last year. Sales are still brisk with an increase over 2018; the weather being a large help. Greenport and Cutchogue are the hot spots. Most of the inventory under $600K has sold, so the $750K to $900K range is the most active. Prices are stabilizing and inventory is way down, but late winter and early spring will bring new listings to the market. There was more new construction in 2018 than in the past 10 years.” Tom is “cautiously optimistic that the buyers are there, they just need to find the right fit in a house.”
Cheryl Schneider of Daniel Gale Sotheby’s International Realty says, “2018 was a very strong year for rentals, both seasonal and year-round. It looks like 2019 will be the same. The residential sales market remains strong, but many factors are at work that herald 2019 as a transition year moving towards more balance between buyers and sellers. The most active segments are the high end and the low end, as well as ‘turn-key’ which includes new construction for the right price. Water views, waterside pools, docks for large boats, bucolic acreage and prime locations are always desirable.” Cheryl believes, “With a lot of buyers in the market who were not able to purchase last year, this year of ‘balance’ may be just what the doctor ordered!”
Thomas McCloskey of Douglas Elliman Real Estate says, “North Fork real estate sales have been very good with strong buyer activity throughout the holidays and January. We are more active now than we were last year. Properties below $700,000 are in the highest demand. Neighborhoods with beach rights or closer to beaches are desired; waterfronts are always popular. New construction in prime locations is moving quickly. Prices paid remains strong and will continue as long as inventory is low and the Federal Reserve Bank stops increasing the interest rate. In the beginning of the first quarter, inventory is on par with last year.” Tom remarks, “It looks like the start of a strong year for the North Fork real estate market.”
Jerry Cibulski of Century 21 Albertson Realty says, “The rental inquiries are slightly slower compared to prior years. The luxury side of the sales market saw a marked increase in activity rounding out the end of 2018. Hot, hot, hot continues to be fresh, bright and move-in ready properties. The number of homes sold in 2018 was slightly lower than the super-hot market of 2017. The market is coming into balance and new offerings are coming back in line with expectations. It is good to see the inventory rising from an incredibly low selection. New offerings are selling quickly.” Jerry reflects, “We are off to a great start with showings happening in each of the villages across the North Fork.”
Jill Dunbar of Douglas Elliman Real Estate says, “Inquiries for rentals, so far, are for top end properties. But general traffic is lighter than 2018. There was a lot of sales activity as the New Year began. And there is more inventory to look at, so interest is up. Waterfront listings and well-priced listings are the most active. Greenport remains a top area for buyers. Prices are steady and it seems they will remain around year end’s levels. Inventory is improving; more listings are available than at this time last year. Builders are active and new construction is selling well.” Jill observes, “Buyers are deliberate and thorough as they house hunt. The serious buyers and sellers are out there now.”
Marianne Collins of Brown Harris Stevens says, “Rental inquiries have started early, in particular for beachfront homes or with a pool. There was a surge of many properties going into contract in late 2018, so first quarter sales promise to be robust. Under $1M is always active, while the luxury market is holding its own if priced right. Prices are steady. Because we are a small market, there is never a lot of inventory and this helps keep prices steady. There is some new construction, but we could use more!” Marianne expects “2019 to be a solid year on the North Fork. Demand is strong and buyers recognize the North Fork as a wonderful quiet respite and a great value.”
2019 is starting out as a strong year for the North Fork real estate market. Greenport and Cutchogue are the hot spots and waterfronts are always in demand. The quality of new homes is reaching new heights. On the North Fork, you are never more than a few minutes from a beach, a hamlet center with restaurants, or a great local farm or winery. Make your North Fork dream a reality in 2019.