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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