The fourth quarter of 2017 produced strong sales in the Hamptons, but the North Fork also put in a very solid three months, according to a report put out by Town & Country. Judi Desiderio, president of Town & Country, comments: “The North Fork markets are just beginning to hit their stride! With millennials jumping into home ownership, the price points are very manageable and the quality of life is wonderful. I predict we’ll see prices increase at a healthy, steady pace. Good inventory remains at historically low levels.” The number of home sales was up nearly 20% on the North Fork, from 92 to 110 compared to the same quarter in 2016, and total home sales volume (the price of all home sales combined) up 13% to $69,635,970.
That said, the total median home sales price for the quarter was $531,500, less than 1% higher than 2016 same quarter. The greatest statistical jump was in the price range between $1 million and $2 million, which was 71.4% higher compared year over year (going from seven sales in 2016 to 12 in 2017).
As for towns, Southold (which includes New Suffolk and Peconic) boasted 62% more in number of home sales and 54% greater total home sales volume year over year, while median home sales price remained relatively stable at $565,000. The Jamesport area (including Aquebogue, Baiting Hollow and South Jamesport) did well, with 42% more home sales, 42% more sales volume and the median home sales price up 23% at $475,000. Mattituck (which includes Laurel and Cutchogue) had the highest median home sales price of $595,000. Orient (including East Marion and Greenport) was the one laggard, with 13% fewer home sales and a 23% drop in sales volume (from $16,429,684 in Q4 2016 to $12,591,928 same quarter 2017).
With prices so affordable compared to the South Fork, the only place to go is up in these markets.
For more East End real estate news and features, visit BehindtheHedges.com.