Log In   ·   Become A Member
http://www.hamptons.com/gallery/ads/1614.gif

North Fork Experiencing Fastest Growing Real Estate Market In Years

Nicole Barylski

505 Point Pleasant Road in Mattituck sold for $1,525,000. The property was represented by Deborah Kusa of Douglas Elliman. (Courtesy Photo)

"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 NicoleBarylski NicoleBarylski




Related Articles:

Be the first to comment on this article. (Just fill out the form below)
 

Submit Your Comment

Please note, you are not currently logged in. Your comment will be submitted as a guest.
To submit your comment as a member, please click here.
Your Name:
Location:*
Comments:*
* Comments will be reviewed and posted in a timely fashion
* All fields are required
Question:*
What color is a firetruck?
(For spam prevention, thanks)
 
 
 
http://www.hamptons.com/gallery/ads/1945.gif
http://www.hamptons.com/gallery/ads/2090.gif
http://www.hamptons.com/gallery/ads/1783.gif
Advertise on Hamptons.com - Have your business be seen by over 2 million viewers including NEW searches
Hamptons.com- Our exclusive online magazine has 2.6 million Page Views YTD for 2015. Contact us to join our elite group of clients that benefit from having a presence on the Hamptons award winning publication www.Hamptons.com

Hamptons Carpet One Floor & Home
We pay less,and so do you.With over 1,000 stores in our buying group, we can get the lowest prices from the best flooring manufacturers and pass the savings on to you.Visit our other locations: Hamptons Carpet One Floor & Home, 675 North Sea Road,Southampton, NY 11968

RJD Gallery specializes in contemporary art with a focus on Magical, Figurative Realism, Narrative Portraiture and Urban Landscape.
We exhibit representational artists from around the world, who produce fine art of exceptional quality that challenge collectors to contemplate concepts about the artist, themselves, and our human experience. Utilizing timeless techniques in creating their drawings, paintings and sculptures, our artists have developed unique, signature styles that present a current vision of our world.