"As is a continuing trend over the past years, the North Fork continues to increase in both sales volume and price points as more clients continue to discover it," noted Ernest Cervi, Regional SVP of the East End, Corcoran
, as he reflected upon the findings of the First Quarter 2017 Corcoran Report.
The average North Fork sales price slight rose from $623,000 (Q1 2016) to $636,000 (Q1 2017), while the median price increased by 10 percent, from $479,000 (Q1 2016) to $525,000 (Q1 2017). The rising prices didn't stop buyers, as the number of sales was also up, from 166 to 197 - a 19 percent change, and sales volume was up a whopping 21 percent, from $103.353 million to $125.247 million.
Closings were up 19 percent compared to those reported in the First Quarter of 2016, and almost every area had an increase in closings, with Aquebogue/Jamesport seeing the most significant increase (44 percent). Of all the North Fork towns, Mattituck/Laurel experienced the most sales and showed major increases in average price (33 percent) and median price (26 percent).
The middle market grew significantly with the price segment from $500k to $750k growing from 24 percent to 32 percent of the market, and the majority of the change came out of the lower-end, where the $350k to $500k market lost 7 percent of its market share.
However, when it came to the luxury North Fork market, as like the South Fork, the highest price category saw a market share drop, with the $1.5 million+ market dropping from 7 percent to 5 percent of the market. The average sales price was up by 6 percent from $1.646 million (Q1 2016) to $1.75 million (Q1 2017), but the median price dropped ten percent to $1,475 million. The number of sales increased 18 percent to 20 and sales volume also increased, showing a 25 percent increase to $35.009 million.
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