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Sunday, May 7, 2017

1st QUARTER RESULTS - THE REAL SKINNY ON THE NORTH FORK

There are no surprises in the 1st quarter  of 2017, but definitely some differences in what has been reported  by  area newspapers such as Newsday.  I attribute the differences to the data sources, which includes towns that are not truly part of the East End.  So here’s the real skinny about the 1st Quarter Results for Southold Town and Riverhead and the South Fork for trend comparison purposes.

Southold Town reported a 2.7% increase in Median Price versus the 1st quarter in 2016 - $524,000 vs. $510,000.  Sales actually declined by 8%  to $78 million from $85 million in 2016, It should be noted that the most current two years sales and unit sales were significantly higher than the previous three years’ first quarter.

Riverhead Town reported a 4.3% increase in Median Price to $365,000 from 350,000 in 2016.  Sales increased 10.5% to $52 million from 47 million.   Pretty good numbers.

East Hampton and Southampton continue last year’s trend of mixed results – East Hampton had a decline in Median Price and overall unit sales,  -.1% and -28%.  East Hampton’s Median Price was the highest on the East End at $1,150,000.  Southampton had increases in Median Price of 7.7% to $900,500 and increase in sales of 3.7%.

What does this mean to you as a seller? With higher average prices, it’s a very good time to sell.  The sales volumes, suggest some softness in the market, so if you’re thinking of selling this year, the sooner the better.  Get an updated market value estimate, figure out your equity  and decide whether it’s time to sell.

As a buyer – clearly price are increasing and if you are in the market to buy, remember it is a sellers’ market and will continue that way for a very long time until inventory catches up to demand.  Adjust your thinking to the fact that prices are higher and even if it does cost a bit more  - make your deal!  I assure you, you will regret losing the house of choice when you look back and find that you have bought another a home that may fit your requirements but not your heart and desires or by waiting, end up buying at a much higher price.


There’s a lot happening in this market and it is happening quickly.  If you’d like advice, call us at 
631 765 5333 or email me at broker@BeninatiAssociates.com. We have our finger on the pulse of the North Fork.  We’ll gladly help you sort things out and move forward!

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