East End Q4 Report – 2016
Welcome to the Fourth Quarter 2016 Corcoran Report, our quarterly comparison of the East End’s residential real estate market. This report uses market-wide data from the Long Island Real Estate Report and is based upon transactions reported from October through December 2016. It compares data to that reported in the same period of 2015. For the purposes of the South Fork market comparison, this report contrasts the villages and hamlets from Remsenburg to Montauk, plus Shelter Island, while the North Fork encompasses the area extending from Aquebogue to Orient.
The South Fork
Sales dipped on the South Fork, as some potential buyers held off pending uncertain economic conditions and the election. Fewer closings were reported in every area this quarter compared to a year ago, resulting in a 24% drop in number of sales and a 25% drop in volume of sales. Southampton had the smallest decrease in sales, yet sales over $1MM increased, driving notable growth in sales volume, average price and median price. Overall, average price fell a minor 1% on the South Fork. Median price dropped more, down 11% year-over-year, as the market share of sales under $1MM grew. Among the hamlets and villages, price movements were split, with seven areas showing an increase in average price, but six showing a decrease.
The North Fork
Steady sales activity was reported on the North Fork, with closings down by just 1%. A doubling of sales in Aquebogue/Jamesport counteracted a 33% drop in Southold sales. However, with Aquebogue/Jamesport sales at a lower average price than the other areas, the reported sales volume dropped 13%. Aquebogue/Jamesport also had an increase an average price, up 8%, as did Greenport, up 16%, and Southold, up 6%. But the two higher priced submarkets had a decrease in average price: Mattituck/Laurel fell 15%, and East Marion/Orient fell 31%. As a result, overall North Fork average price dropped 12%. But the mid-point moved less, with just a 2% dip in median price.
Download the full report here.