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Real Estate Inventory Continues To Decline On The North Fork

Nicole Barylski

105 Hill Road in Southold was represented by Thomas McCloskey of Douglas Elliman.

"The North Fork market remains very strong and inventory remains tight," explained Karla Dennehy, Licensed Associate Real Estate Broker and Certified Buyer's Broker at Douglas Elliman, about The Elliman Report: North Fork 3Q17.

Q3 was the sixth consecutive year over year where the North Fork saw a decline in listing inventory and it was also the lowest marketing time in 12 years with the least negotiability in three years.

"Buyers need to be decisive when they find the property that most meets their needs and make their offers as strong as possible from the onset," Dennehy reflected.

As inventory disappeared, the median sales price increased 6.8 percent from Q3 of 2016 to $550,000 and the average sales price was also slightly higher, with a 1.3 percent growth to $691,061. Overall, the number of sales declined by 10.1 percent to 179. The listing discount dropped by 6.3 percent and the listing inventory also saw a decrease, dropping 9.1 percent to 429.

"Sellers have a great opportunity to get their homes sold and should price them in the market to get the most activity and best possible offers," Dennehy concluded.

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

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