Homes Sold/Under Contract North Fork LI for July

August 2nd, 2009 category: East End LI Foreclosures, Real Estate News

Wow- maybe it’s been the sun coming out, but the summer is passing FAR too quickly! Feels like the June report was provided only yesterday…

The following figures are obtained from the MLSLI, and deemed reliable, but no guarantees. First up, reported sales figures- we’ve provided 2009 first, with 2008 offered as a comparison:

Closed Homes, North Fork, Long Island, July 1- July 31, 2009: 30
Leading the pack: Greenport, 6; Riverhead, 5; Southold, 4
Median Closed Price: $357,500.

Closed Homes, North Fork, Long Island, July 1- July 20, 2008: 40
Leading the pack: Riverhead, 9; Baiting Hollow, 5; Southold/Mattituck, 4 each.
Median Closed Price: $445,000.

Under Contract homes, North Fork, Long Island, July 1-July 31, 2009: 34
Leading the pack: Riverhead, 8; Southold, 5; Baiting Hollow, 4
Median u/c price at time of contract- no closed median available yet: $427,000.

Under Contract homes, North Fork, Long Island July 1- July 31, 2008: 21
Leading the pack: Southold, 6; South Jamesport, 3; 5 towns with 2
Median CLOSED pricing: $675k

While closed homes are 25% below figures for 2008, and closed pricing reflects a decline reflecting a similar figure, under contract homes offer some hope.

The increase over 2008 for under contract properties jumped from 21 in 2008, to 34 in 2009, suggesting that current pricing is accomodating the buying contingent- they’re finding a comfort level with current pricing.

This report, unlike others, does NOT include manufactured housing. We’ll be providing a condo/manufactured report shortly.
Towns on the report include: Aquebogue, Baiting Hollow, Calverton, Cutchogue, E. Marion, Greenport, Jamesport, S. Jamesport, Laurel, New Suffolk, Peconic, Mattituck, Southold, E. Marion, Orient, Orient Point, Riverhead- Long Island, New York.

NOW FOR SOME SOBERING NEWS:

Pre-foreclosure filings (lis pendens, which are public record) have increased year over year, suggesting that our “mess” is far from over.

There were 91 lis pendens filed on the east end of Long Island in July. Here are the stats:
Amagansett, NY: 1
Aquebogue, NY: 2
Bridgehampton, NY: 2
East Quogue, NY: 7
Flanders, NY: 5
East Hampton, NY: 12
Orient, NY: 1
Peconic, NY: 1
Jamesport, NY: 1
Mattituck, NY: 2
Montauk, NY: 4
Sag Harbor, NY: 2
Southampton, NY: 10
Southold, NY: 5
Westhampton, NY: 2
Westhampton Beach, NY: 1
Watermill, NY: 2
Hampton Bays, NY: 12
Riverhead, NY: 8
Wading River, NY: 10
Wainscott, NY:2

Once again, leading the pack are: East Hampton, Southampton, Hampton Bays, Wading River, and Riverhead, NY.

This figure eclipses the 2008 total of 72 filings, suggesting that our real estate problems have yet to turn a corner with respect to a market compromised by potential foreclosure activity (and the resulting price drops possible for comparable sales). In this market, absent a cash buyer, appraisals are the keyword- values must be substantiated in order for banks to approve loans.

If you are looking for a home for sale on the North Fork / East End of Long Island, please fill out the form below.

To search available homes for sale on the North Fork / East End Long Island or condos on the North Fork of Long Island, click “north fork homes”, enter your area of interest and any parameters, and click “go”- properties for sale include Riverhead, Aquebogue, Baiting Hollow, Calverton, Jamesport, Laurel, Mattituck, Cutchogue, Peconic, Southold, Greenport, East Marion, Orient, Orient Point, Westhampton Beach, Hampton Bays, Flanders, Southampton, Sag Harbor, East Hampton, Montauk, NY.

This entry was posted on Sunday, August 2nd, 2009 at 6:27 pm and is filed under East End LI Foreclosures, Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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