"The North Fork is getting its groove on!" Judi A. Desiderio, Town & Country
Chief Executive Officer, reflected about Town & Country's North Fork 1Q 2018 Home Sales Report. "There were nearly 20 percent more money changing hands this year vs. last year and a 19 percent leap in Median Home Sale Price, same period."
The most impressive market was Jamesport (which covers Aquebogue, Baiting Hollow and South Jamesport), which saw the largest jump in Number of Home Sales and Total Home Sales Volume. While Median Home Sales Price remained stable, 38.5 percent more homes were sold in Q1 of 2018 compared to Q1 of last year, and Total Home Sales Volume grew by 27 percent.
Mattituck (which includes Laurel and Cutchogue) also saw sizable growth in home closings quarter over quarter, with a 25 percent increase. However, sales over $1 million fell from five last year to only one this year in Q1.
The biggest surge in Median Home Sales Price came in Orient (which includes East Marion and Greenport). A whopping 250 percent increase in sales $1 million to $1.99 million brought the Median Home Sales Price up by 38.5 percent - from $487,500 in Q1 of 2017 to $675,000 in 2018. Only two sales over $2 million occurred, and both were located in Orient.
Overall, all the North Fork markets combined saw an 11 percent increase in Home Sales, 19.5 percent jump in Total Home Sales Volume and 19 percent soar in Median Home Sales Price. Lack of inventory caused sales under $500,000 to drop 22.50 percent - from 40 to 31.
"As one can see from the report, homes under $500,000 are becoming quite scarce," Desiderio added.
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