This 3rd Quarter North Fork Home Sales Report is a perfect example of how the numbers never lie! It’s rare that I get truly surprised by the statistics but this is one of those times. Activity levels in all 8 Town & Country offices, along with lots of media hype of a strong Home Sales market, had me anticipating mostly black but instead, as you can see, red is the dominant color. Contrary to what Town & Country is experiencing, the facts of our North Fork market for July, August and September are as follows:
Searching for a break in the clouds we see Jamesport (which includes Aquebogue, Baiting Hollow and South Jamesport) saw a slight shift in the needle for the median Home Sales price up 5.12% from $361,500 to $380,000 year to year.
Southold (which includes New Suffolk and Peconic) seemed to be least affected with just one less home sale, but the interest in price range seemed to focus on the under $500,000 where 12 of the 20 transfers occurred.
Mattituck (which includes Laurel and Cutchogue) appeared to experience the most significant pull back with half the amount of sales this year from last, which then profoundly affects the Total Home Sales Volume (-71%). Again, seeing more interest in the under $500,000 price range where 15 of the 16 transfers occurred.
Looking at All North Fork Markets Combined and you can see the red is glaring. While the Median Home Sales Price was the least affected, the Total Home Sales Volume for all 4 North Fork markets monitored by Town & Country sunk 48% from $55.2M in 3rd Quarter 2012 to $29M in 3rd Quarter 2013.
While it may initially look like a sad 3rd Quarter Home Sales Report, I see opportunities abound. There hasn’t been a better time in over ten years to grab some East End dirt, as I call it, at incredible prices. Adding that interest rates remain at historic lows, BUT, these opportunities won’t last!
To view all reports, visit 1TownandCountry.com/reports.
