A new study of Long Island housing prices for the second
quarter of 2018* showed a continued increase in median prices of homes sold
except for the Hamptons. Long Island as
a whole reported a 5.2% increase in home sales median price to $425,000. By comparison, the North Fork homes sold at a
9% higher rate than last year or $600,000, while the Hamptons sold at a 5.3% lower rate or $975,000 for the same time frame. The Hamptons was the only region to show a
quarterly decline from 2017.
According to Newsday, “prices increased sharply for the most
affordable homes, and fell at the top of the market. In the bottom fifth of
sales, home sold for a median price of $220,000, up 12.8% from a year
earlier. By contrast, the top fifth of
sales fetched a median price of $820,000, down .6% annually.”
The North Fork is faring well and will likely continue to
show improvement through the balance of the selling season. But there is a question as to whether the
growth can be sustained. The factors
affecting our rate of growth include increasing mortgage rates and the federal
tax overhaul that put a heavier burden on New York State which is kicking in
this year and will impact our tax bills next year. The delicate balance between demand and
affordability will become more of a consideration to many of our prospective
buyers in the near future.
If you are planning to sell in the
next six months, it’s a good idea to put your home on the market now. If you are on the fence and want to talk,
give us a call. We will give you our honest assessment at no cost to you.
Source:
Newsday, July 26, 2018, “Low end up, high
end down,”page A2. Study by Miller Samuels.
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