Year Over Year Home Pricing on the North fork of Long Island

January 2nd, 2010 category: Real Estate News

OLD LOCKFor those seeking a second home on the North fork of Long Island, it appears that East end pricing is reaching levels of attainability, with sellers understanding the impact of recent market changes…and there have been changes!

No longer is waterfront stratospheric; to the contrary, locating a wonderful water view home for a figure below the $1,000,000. range is becoming a reality.  For those seeking a simple cottage, or small get away, it will no longer force that “half a million dollars” figure.

What goes up…must come down, and that reality is being visited in this bucolic, idyllic community. Combine that with record low interest rates, and your property search in 2010 might well provide just the home that you seek!

Below, figures taken from 2009 are compared with closed pricing in 2008- whether the slide will continue is anyone’s guess, but perhaps with interest rates at current levels, it’s worth revisiting that second home dream…

Figures are taken from MLSLI; while deemed accurate, no guarantee. Call us if you’d like a comprehensive look at your area of choice.

EAST END, LONG ISLAND CLOSED HOME SAMPLE COMPARISON 2008-2009, BY TOWN/VILLAGE:

Laurel, NY: 2008
Homes sold: 15
Average sold price:$874,967
Median sold price: $460,000

Laurel, NY: 2009
Homes sold: 9
Average sold price: $629,167.
Median sold price: $465,000

East Marion, NY: 2008
Homes sold: 21
Average sold price: $689,559
Median sold price: $545,000

East Marion, NY: 2009
Homes sold: 11
Average sold price: $661,591
Median sold price: $462,500

Greenport, NY: 2008
Homes sold: 22
Average sold price: $460,382
Median sold price: $417,500

Greenport, NY: 2009
Homes sold: 36
Average sold price: $469,200
Median sold price: $363,750

Mattituck, NY: 2008
Homes sold: 27
Average sold price: $713,688
Median sold price: $569,000

Mattituck, NY: 2009
Homes sold: 37
Average sold price: $538,814
Median sold price: $394,800

Cutchogue, NY: 2008
Homes sold: 43
Average sold price: $861,518
Median sold price: $600,000

Cutchogue, NY: 2009
Homes sold: 26
Average sold price: $787,015
Median sold price: $507,500

Southold, NY: 2008
Homes sold: 66
Average sold price: $985,114
Median sold price: $587,500

Southold, NY: 2009
Homes sold: 62
Average sold price: $581,011
Median sold price: $473,500

*The average pricing is arrived at by taking the total dollar volume of sales, and dividing them by the number of sales to arrive at an average.

The median sold price is arrived at by taking the number right in the middle of solds, with 50% above that figure, and 50% below that figure.

When averaging, if there are a disproportionate number of higher end sales- or lower end sales- the numbers will vary significantly from the median.

We offer opinions on our website; seek a detailed look at your area of choice to establish accurate figures. The above figures are provided as a gauge of market changes…and this real estate market has afforded much it the way of ongoing change!

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This entry was posted on Saturday, January 2nd, 2010 at 10:23 pm and is filed under 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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