The second 3 months of 2017 were not so kind to North Fork home sales.
At our Mattituck and Southold Town & Country Real Estate offices business was up approximately 20%.
Obviously, that was not reflective of the overall market conditions. This is why statistics are so important.
Jamesport (which includes Aquebogue, Baiting Hollow and South Jamesport) was hit the hardest with 40% and 42% declines in Number of Home Sales and Total Home Sales Volume, yet the Median Home Sales Price rose a healthy 6.8%.
The greatest Number of Home Sales occurred in the Southold (which includes New Suffolk and Peconic) market with 32 closings… just 3 less than the 2nd Quarter 2016. The Total Home Sales Volume and Median Home Sales Price price rose 2.3 and 2.7% respectively.
Mattituck (which includes Laurel and Cutchogue) experienced a big bump up in Median Home Sales Price from $414,985 to $757,000 — an 82.4% jump. The only sale over $3.5M was 397 Marratooka Road, Mattituck which sold for $4,500,000.
Looking at All North Fork Markets Combined and you see a nearly 25% drop in Number of Home Sales yet the Median Home Sales Price rose 18%. This tells us inventory is way low and demand high which results in price increases.
To view all reports visit http://www.townandcountryhamptons.com/html/marketReports.php