3rd Quarter North Fork, Long Island Home Sales

October 22nd, 2011 category: Real Estate News

net & bird Because we at Options Realty try to stay on top of trends, there are no surprises with the third quarter home sale results culled from MLSLI on the North fork of Long Island.

Nonetheless, as a buyer or seller of a home on the North fork, if you’ve missed our previous reports, this might shed some light on what’s happening in the east end of Long Island home sale arena.

What we like about using MLSLI results is the timing of closings provided. Most real estate firms on the North fork are diligent about maintaining updated closings- these results appear on MLSLI market share reports, so the motivation is built in- if a closing isn’t provided, it doesn’t reflect a company’s activity overall (in addition to providing an MLSLI fine for a lack of diligence). Closings are typically reported within 24 hours of the event- as current as it gets.

By contrast, the use of county closed records is problematic due to the lag time- a closing occurring in June might not appear on the record until August. We had one closing that took four months to be recorded. While definitive, not current.
Additionally, county records provide all closings. By good fortune, however, the North fork is fully engaged in the use of an MLS, so in the interest of fairness, it’s important to note that while MLS figures will not include homes closed outside of the properties in the MLS, we believe that a current large majority of MLS listed homes, in a tumultuous market, provides important up to the minute trend information, useful for all.

In real estate, it would appear that now, more than ever, timing is everything- you must be on top of current trends as a home seller (pricing and direction) and home buyer (pricing and direction).

So, what MLSLI is re-telling (based on past quarters) is that we are in a decline in both homes sold, homes under contract, and overall average pricing. Good for home buyers; not good news for home sellers.
On the plus side, homes under contract have kept fairly close to last year, demonstrating a stability that is encouraging. Things certainly haven’t stopped in their tracks.

HOMES UNDER CONTRACT FROM 6/1/2011 THROUGH 9/30/2011: 137
HOMES UNDER CONTRACT FROM 6/1/2010 THROUGH 9/30/2010: 143
What’s interesting is what follows: the average sales price in 2010 for the North fork overall was $538,174- the average asking price was $606,000.
The average asking price in 2011 for homes under contract is $531,013- clearly, sellers are taking heed of market conditions. Until these houses close, we don’t have the sold pricing.

CLOSINGS 6/1/2011 THROUGH 9/30/2011: 123
CLOSINGS 6/1/2010 THROUGH 9/30/2010: 152

The breakdown is as follows for homes sold in Riverhead, Jamesport, S. Jamesport, Aquebogue, Calverton, Baiting Hollow, Laurel, New Suffolk, Mattituck, Cutchogue, Peconic, Southold, Greenport, E. Marion, Orient: Single family detached homes. Deemed reliable, no guarantee.

AQUEBOGUE, NY:
Total homes sold: 16
Low: $267,500
High: $947,500
Average sold pricing: $434,681.00
# homes sold below $399k: 8
# homes sold above $399k: 8

BAITING HOLLOW, NY
Total homes sold: 3
Low: $334,500
High: $390,000
sold pricing was $334,500; $385,000; $390,000

CALVERTON, NY
Total homes sold: 2
Low: $139,900
High: $190,000

CUTCHOGUE, NY
Total homes sold: 10
Low: $288,000
High: $735,000
Average sold pricing: $ 458,077
# homes sold below $399k: 5
# homes sold above $399k: 5

EAST MARION, NY
Total homes sold: 3
Low: $535,000
High: $1,937,500
sold pricing was $535,000; $945,500; $1,937,000

GREENPORT, NY
Total homes sold: 15
Low: $175,000
High: $1,315,000
Average sold pricing: $454,333
# homes sold below $399k: 9 (5 sold below $299k)
# homes sold above $399k: 7

JAMESPORT, NY
Total homes sold: 3
Low: $300,000
High: 1,700,000
Sold pricing was $300k, $355k, and $1.7 million

LAUREL, NY
Total homes sold: 1
$550,000

MATTITUCK, NY
Total homes sold: 15
Low: $160,000
High: $1,250,000
Average sold pricing: $531,933
# homes sold below $399k: 6 (3 sold below $299k)
# homes sold above $399k: 9
Homes sold above $1m: 1

NEW SUFFOLK, NY
Total homes sold: 3
$345,000; $590,000; $800,000

ORIENT, NY
Total homes sold: 5
Low: $518,000
High: $850,000
Average sold pricing: $620,400

PECONIC, NY
Total homes sold: 1
$2,150,000

RIVERHEAD, NY
Total homes sold: 16
Low: $78,000
High: $500,000
Average sold pricing: $223,359

SOUTHOLD, NY
Total homes sold: 32
Low: $269,000
High: $1,550,000
Average sold pricing: $508,437
Homes sold below $399k: 9 (1 home sold below $299k)
Homes sold above $399k: 24
Homes sold above $1m: 1

While the news is following expectations, it’s not all bad. The North fork has its hot pocket- Southold- and has seen more affordable offerings across the board than in recent years.

I would never have guessed, in 2005, that waterfront property could be purchased at well under the one million dollar mark, but more and more, such properties are offered. So, whether it’s an entry level home, mid range, or waterfront, the downward pressure is attracting home buyers, and for that (the home buying contingent) we can continue to be grateful, assured that their choice to buy a home here quantifies the magic of living on the North fork of Long Island.

Remember: if you’re looking for a home on the east end (Hamptons, North fork) buyer agency is available- a balanced transaction benefits all parties involved.

To view East end reo/ foreclosures (Hamptons, North fork) click here.
To view East end (Hamptons, North fork) real estate for sale, click here.

This entry was posted on Saturday, October 22nd, 2011 at 9:17 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.

Quick Search

Links