"The fourth quarter of the year signified a shift in the marketplace with a dramatic drop in available inventory," shared Karla Dennehy, Executive Manager of Sales at Douglas Elliman
. "Sales were steady through the last quarter but there were not enough homes to satisfy the buyers looking on the North Fork."
As inventory disappeared, the average North Fork sales price increased 18.6 percent - from $682,300 in Q3 to $808,935 in Q4, and 5.5 percent year to date, according to the 4Q Elliman Report. The median sales price was also on the rise, with a 15.5 percent increase from $515,000 in Q3 to $595,000 in Q4, and it was up 6.5 percent year to date.
The number of sales on the North Fork decreased during Q4 from 199 in Q3 to 185 in Q4, but year to date, it was up by 7.1 percent. Even though during Q4, the number of days houses were on the market rose by 38.1 percent (118 in Q3 to 163 in Q4), the listing inventory dramatically dropped by 28 percent from 472 in Q3 to 340 in Q4.
"More sales as inventory fell resulted in the fastest paced market in a decade," explained Jonathan J. Miller, President and CEO of Miller Samuel Inc. "Price trend indicators reflected double-digit growth."
In the luxury North Fork market, the average sales price increased by 14.7 percent - from $2,165,588 in Q3 to $2,483,263 in Q4 and the median sales price grew by 15.9 percent - from $1,725,000 in Q3 to $2,000,000. The number of sales slightly dropped - from 20 in Q3 to 19 in Q3, a 5 percent difference. There were also fewer properties available, with listing inventory falling 16.3 percent (92 in Q3 to 77 in Q4).
Nicole is the Editor-in-Chief of Hamptons.com where she focuses on lifestyle, nightlife, and mixology. She grew up in the Hamptons and currently resides in Water Mill. www.hamptons.com