FIRST QUARTER NORTH FORK, LONG ISLAND HOME SALES

March 30th, 2010 category: Real Estate News

In like a lion, out like a lion- let’s hope that home sales on the East End / North Fork of Long Island continue to roar back to life!

The first quarter of homes sold on the north fork (Riverhead, Baiting Hollow, Calverton, Jamesport, S. Jamesport, Laurel, New Suffolk, Mattituck, Cutchogue, Peconic, Southold, Greenport, East Marion, Orient, and Orient point) increased in volume over the first quarter of 2009 by 25%. In 2009, there were a total of 54 homes closed. This is eclipsed by a total lf 68 for the first quarter of 2010.

Want more good news? The mean, or average sales price in 2009 for first quarter closings stands at $469,746. The mean sales price in 2010 is $495,931.

The median sales price for 2009 was $392,495. The median sales price for 2010 in the first quarter is $402,500.

Recovery? Bottom hit? Time will tell, but signs point to a far healthier real estate environment than was found in 2009. Increased activity and an increase in closed pricing is a sign that buyers are out, and if they’re finding value, are taking action. What must be noted is that the North fork of Long Island has seen a drop of significance in overall pricing, so east end home buyers are getting more for $402,500 than could be had in the past. Home sellers on the North fork are pricing properties RIGHT, as can be found in the decrease of discount from listed price to closed pricing. In 2009, the difference was 10.17% on average; the average for 2010 in the first quarter is 7.6%.

Below, a rundown of closed properties on the North fork.

AQUEBOGUE, NY JANUARY 1-MARCH 31, 2010:

1 CLOSED: 116 SHADE TREE LANE $239,000

AVERAGE CLOSED PRICING AQUEBOGUE: $239,000

BAITING HOLLOW, NY JANUARY1-MARCH 31, 2010

2 CLOSED: 96 EAST MEADOW ROAD $420,000; 1849 SOUND AVENUE $515,000

AVERAGE CLOSED PRICING BAITING HOLLOW: $467,500

CUTCHOGUE, NY JANUARY 1-MARCH 31, 2010

10 CLOSED: 16495 COUNTY RD $225,000; 4520 PEQUASH AVE $365,000; 110 OAK DRIVE $410,000; 4030 STILLWATER AVE $490,000; 1530 S. NEW SUFFOLK ROAD $540,000; 2650 NASSAU POINT ROAD $628,000; 2410 BRIDGE LANE $750,000; 3850 NASSAU POINT ROAD $740,000; 800 DEPOT LANE $750,000; 4875 WUNNEWETA RD $755,500

AVERAGE CLOSED PRICING CUTCHOGUE: $565,350

EAST MARION, NY JANUARY 1-MARCH 31, 2010

1 CLOSED: 275 MARINA LANE $592,000

AVERAGE CLOSED PRICING EAST MARION: $592,000

GREENPORT, NY JANUARY 1-MARCH 31, 2010

5 CLOSED: 73355 MAIN ROAD $190,000; 535 3RD ST. $329,600; 506 WIGGINS ST. $350,000; 2405 BAY SHORE $680,000; 2500 SOUND DRIVE $1,450,000

AVERAGE CLOSED PRICING GREENPORT: $599,920

JAMESPORT, NY JANUARY 1-MARCH 31, 2010

5 CLOSED: 2 6TH ST. $185,000; 18 ZIEMACKI LN $250,000; 34 TUTHILLS LN $345,000; 703 HERRICKS LANE $695,000; 23 PHYLLIS LANE $1,170,000

AVERAGE CLOSED PRICING JAMESPORT: $529,000

LAUREL, NY JANUARY 1-MARCH 31, 2010

1 CLOSED: 2074 MAIN ROAD $335,000

AVERAGE CLOSED PRICING LAUREL: $335,000

MATTITUCK, NY JANUARY 1-MARCH 31, 2010

7 CLOSED: 1570 FACTORY AVE $200,000; 2740 SOUNDVIEW AVE $340,000; 610 STANLEY RD $350,000; 2350 REEVES RD $380,000; 5750 ALDRICH LN $479,000; 4205 BREAKWATER RD $640,000; 140 BAILIE BEACH RD $790,000

AVERAGE CLOSED PRICING MATTITUCK: $454,142

NEW SUFFOLK, NY JANUARY 1- MARCH 31, 2010

2 CLOSED: 430 OAK RD. $579,500; 145 FRED ST. $629,000

AVERAGE CLOSED PRICING NEW SUFFOLK: $604,250

RIVERHEAD, NY JANUARY 1- MARCH 31, 2010

15 CLOSED: 33 OSPREY AVE $59,900; 47 SIGAL AVE $72,000; 420 FLANDERS RD $95,000; 27 EIGHT BELLS RD $90,000; 32 GROVE ST $120,000; 40 SIGAL AVE $152,000; 147 LAKE AVE $190,000; 215 EAST AVE $210,000; 16 PINE CT $230,000; 1661-5 OLD COUNTRY RD $259,700; 897 POND VIEW RD $254,000; 446 MARCY AVE $247,500; 1070 OSTRANDER $295,000; 61 KINGS DRIVE $335,000; 375 SOUND SHORE RD $426,000

AVERAGE CLOSED PRICING RIVERHEAD: $202,406

S. JAMESPORT, NY JANUARY 1-MARCH 31, 2010

2 CLOSED: 127 GREEN ST. $385,000; 44 WILLOW ST. $395,000

AVERAGE CLOSED PRICING S. JAMESPORT: $390,000

SOUTHOLD, NY JANUARY 1-MARCH 31,2010

17 CLOSED: 46660 MAIN ROAD $325,000; 8150 SOUNDVIEW AVE $330,000; 750 LIBERTY LANE $370,000; 345 BUDDS POND RD $377,000; 1065 JASMINE LANE $350,000; 1720 LEEWARD DRIVE $460,000; 13530 SOUNDVIEW AVE $515,000; 400 TOWN CREEK LANE $600,000; 1300 GIN LANE $465,000; 665 GOOSE CREEK LANE $575,000; 800 MID FARM RD $620,000; 915 RUCH LANE $610,000; 2575 GLENN ROAD $670,000; 275 SLEEPY HOLLOW LN $703,000; 1255 WATERVIEW DRIVE $720,000; 3400 LIGHTHOUSE ROAD $1,475,000; 290 RED FAWN RD $1,500,000; 275 WATERSEDGE WAY $1,510,000

AVERAGE CLOSED PRICING SOUTHOLD: $716,176.

ORIENT, NY JANUARY 1-MARCH 31, 2010

1 CLOSED: 2605 ORCHARD STREET $937,500

AVERAGE CLOSED PRICING: $937,500

IT GETS EVEN BETTER… the under contract figures for the first quarter of 2010 total 95; the under contract figure for 2009 stood at 60. That’s a 30% increase in contract activity year over year.

A NOTE ABOUT “AVERAGE PRICING”: AS YOU CAN SEE FROM THE DATA GATHERED, AN “AVERAGE” IS OFTEN IRRELEVANT, TO THE EXTENT THAT A FEW LARGE CLOSINGS ALTER THE TYPICAL VALUE IN A GIVEN AREA. WE PROVIDE IT FOR THE PURPOSE OF INFORMATION, BUT NOT FOR A COMPARATIVE ELEMENT. ALL NORTH FORK VILLAGES OFFER A WIDE VARIETY OF PRICING LEVELS; TO SEE THE AVAILABLE HOMES ON THE NORTH FORK, CLICK HERE.

Are we out of the woods? It’s all relative- relative to 2009, we can certainly enjoy the fact that lower pricing, along with available mortgage opportunities, has created a far better real estate environment for both buyers and sellers.

ALL INFORMATION GATHERED FOR THIS REPORTS WAS OBTAINED FROM THE MULTI LIST SERVICE OF LONG ISLAND. MLSLI DATA IS DEEMED RELIABLE, BUT NOT GUARANTEED. FOR FURTHER INFORMATION, CONTACT YOUR REALTOR.

Another picture of the beach

This entry was posted on Tuesday, March 30th, 2010 at 10:53 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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