Log In   ·   Become A Member

The North Fork Real Estate Market Is Still Red Hot

Nicole Barylski

145 Fleetwood Drive in Cutchogue. (Photo: Corcoran)

"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 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:
* Comments will be reviewed and posted in a timely fashion
* All fields are required
Please type the word 'water'
(For spam prevention, thanks)
East End Tick Control
The East End's only New York State licensed dedicated tick and mosquito control specialists!

Southampton Masonry-Visiting the Southampton or the Wainscott locations is an exciting experience.
Southampton Masonry has been serving Long Island's masonry and tile needs since 1975. Delivering quality products from Manhattan to Montauk for over three decades. The company's continued success is due primarily to their number one priority: customer satisfaction, with a promise of prompt and courteous service from the professional, knowledgeable staff. Southampton Masonry has the largest inventory on the east end. As direct importers they can offer a large variety of the finest quality products at the most competitive pricing for both your interior and exterior projects.

Southrifty Drug 54 Jagger Lane, Southampton Village
Southrifty Drug is a small, neighborhood pharmacy with limited shelf space, and we have to be very selective about which over-the-counter items we carry. As a result you'll find a no nonsense concentration of very effective, high quality and useful products on our shelves. In this new section, we feature a number of these products that we feel are especially worthy of your consideration.

New York Title Abstract Services, Inc.
We are a title insurance services company dedicated to promptly delivering fully compliant and accurate reports, and title insurance, for residential and commercial real estate throughout New York State. Headquartered in the Hamptons, our professional team has extensive real estate experience and understands the business from all sides including title insurance, legal, sales, governmental, banking, and lending regulations.

Aimee Fitzpatrick Martin, Licensed Associate Real Estate Broker
Considered a West of the Shinnecock Canal expert with a 5-star Zillow ranking, Aimee specializes in the luxury and waterfront markets in Quogue, Westhampton Beach, Remsenburg, East Quogue and Hampton Bays. With exceptional communication skills and a buttoned-up approach to every deal, she is highly skilled in the art of the negotiation process. Understanding the nuances of buying and selling waterfront homes, especially on Dune Road, is a specialty.

Hamilton Hoge
As the owner’s representative our practice encompasses all aspects of a project from pre-purchase property due diligence, program development iterations, advisement on systems, analyze contracts/vendors, critical path analysis, feasibility and schedule. The strength of our approach is in facilitating organized communication. We strongly analyze all representations and warranties for the protection and benefit of our client.