Although autumn began in September, activity in the housing
market remained at summer-like levels through October, according
to realtor.com®'s latest data preview. On a National level prices in
October were 10% higher than the same time last year, with the national median
at $275,000 and the national median age of inventory at 73 days.
"This month we aren't just experiencing still-summery weather—we're also seeing a sizzlingly competitive housing market at a time when things are usually cooling off for the fall," says Danielle Hale, chief economist at realtor.com. "With not enough homes on the market to meet the high demand, homes are selling 8% more quickly than a year ago even though prices are as high as they've ever been.
"For potential buyers who waited until fall hoping to score a bargain, the pickings are disappointingly slim," Hale says, "but one potential bright spot for market-fatigued buyers is that new listings are up slightly from one year ago. While new listings declined in the first four months of the year, they have increased on a year-over-year basis in five of the last six months."
"This month we aren't just experiencing still-summery weather—we're also seeing a sizzlingly competitive housing market at a time when things are usually cooling off for the fall," says Danielle Hale, chief economist at realtor.com. "With not enough homes on the market to meet the high demand, homes are selling 8% more quickly than a year ago even though prices are as high as they've ever been.
"For potential buyers who waited until fall hoping to score a bargain, the pickings are disappointingly slim," Hale says, "but one potential bright spot for market-fatigued buyers is that new listings are up slightly from one year ago. While new listings declined in the first four months of the year, they have increased on a year-over-year basis in five of the last six months."
The 3rd quarter results for the entire East End shows
a significant increase in the median sale price over last year. Southold Town did particularly well. The median sales price for the 3rd
quarter was the highest ever at $597,500 versus $535,000 last year – an
increase of 11.7% quarter to quarter.
Dollar sales increased 17.5% for the quarter – the highest sales increase
among all East End towns. It’s
significant to observe that the growth has been steady and consistent, unlike
most of the other towns on the east end.
There is no question that the North Fork – especially
Southold Town is getting noticed and sales results have reflected the
popularity and desirability of the area.
Buyers, get in as early as you can, the trend will only benefit you
going forward if you buy sooner rather than later. Call us at 631 765 5333 or visit our website
or email us at Broker@BeninatiAssociates.com. We listen, we care, and we get results!
Sources: RIS Media, Power broker report, October 31, 2017;
Suffolk Research Services, Inc., Comparative 3rd Quarter 2017,
October 21, 2017.
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