"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
East End Tick Control
The East End's only New York State licensed dedicated tick and mosquito control specialists!
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
CP Complete- Landscape Design & Construction
Paul Guillo And Chris Hall
Two Of The Most Respected Names In The Community
Together, they are partners in CP Complete. They bring their years of experience
and integrity to creating and renovating luxury backyards.
Hamptons luxury real estate specialist for 33 years, Andrea Ackerman offers outstanding expertise in the field.
Hamptons luxury real estate specialist for 33 years, Andrea Ackerman offers outstanding expertise in the field. Trusted, experienced and successful, Andrea has solidified herself as the go-to broker of the Hamptons and a wholehearted advocate for her clients. A pioneer in the real estate industry on the East End of Long Island, she is driven by her passion for the business. Andrea is based in the Bridgehampton office of Brown Harris Stevens as a licensed real estate associate broker and consultant.
Formerly, a principal partner and Senior Director at Brown Harris Stevens, Andrea now assists in developing their corporate strategy for the Hamptons region, advising other brokers and sales associates, as well as being one of the top producers and listors.
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.