The next “market trend” is well under way.
Town & Country was the first to identify “the bottom”, mid year last year and we’re the first to identify the recovering market.
We reported increased activity in sales appointments, O&A’s and contracts in our North Fork Year End 2009 Home Sales Report which we explained will be quantified in the 1st and 2nd report of 2010... and so it is written.
All 4 markets monitored by Town & Country posted significant gains in the Number of Home Sales except ORIENT (which includes East Marion and Greenport) which remained unchanged with 9 Home Sales. MATTITUCK (which includes Laurel and Cutchogue) posted the greatest increase at 64% with 18 Home Sales in 2010 compared with 11 in 2009,and while the 18 was just shy of the 22 posted in 2008, it demonstrates a strong recovery. All 18 Home Sales in MATTITUCK (which includes Laurel and Cutchogue) were under $1M.
SOUTHOLD (which includes New Suffolk and Peconic) Total Home Sales Volume exploded year to year with an 80%increase from $6.3Mto $11.3M2009 to 2010 1st quarter respectively. This trend continued in the category of Median Home Sales Price, where a jump of 55% from $400,596 in 2009 rose to $620,000 in 2010. A closer look at individual price categories show SOUTHOLD (which includes New Suffolk and Peconic) Home Sales $500,000- $900,000 rose from 2 in 2009 to 9 in 2010 and $1M - $1.99M from 1 to 3 Home Sales year to year. Both figures top the numbers of 2008, pre-recession.
Looking at All North Fork Markets Combined and we see almost all black!!! The Number of Home Sales jumped 26% while the Total Home Sales Volume increased 28% and theMedian Home Sales Price rose 15.5%, All significant, all positive, all confirming the worst is far behind us on the North Fork.
To view more specifics on your particular locations and price ranges, visit out website 1TownandCountry.com and click “Reports”.