The South Fork
The South Fork market was relatively flat during Third Quarter 2018. There was a slight 1% increase in reported sales versus Third Quarter 2017. Average price dipped 4%, which in turn meant sales volume was down 3% year-over-year. However, median price increased 1%, signaling the steadiness of the market.
Reported sales increased in six submarkets, with the largest improvements in East Quogue/Hampton Bays (26%) and Amagansett (21%). While more areas saw a decline sales – seven – these were some of the smaller villages and hamlets, and none had a drop of more than nine reported sales.
Price statistics also improved in eight of 13 areas. The largest increase (119%) was seen in Montauk, where an oceanfront home was reported sold for over $20M after closing in June. Although even if this sale were excluded Montauk average price would still have been up significantly. The second largest average price increase, 30%, was found in East Quogue/Hampton Bays, which was partially due to a Dune Road home closing. Average price declines of around 30% were seen in East Hampton Village and Southampton Village, which were two of the three highest average prices overall. While both villages had the same number of sales reported each quarter, the number of sales over $10M dipped, driving price statistics lower.
The North Fork
North Fork reported closed sales dropped 9% in Third Quarter 2018. The biggest decline was in Southold, which had 44% fewer closings. East Marion/Orient also had fewer sales. On the other hand, Greenport sales increased 67% and Mattituck/Laurel sales were up 10%.
Average price increased 6% overall on the North Fork. Greenport had the largest change, with a 36% increase in average price, due to more sales over $500,000, including two over $1M. Southold also had a notable average price increase at 27% because of several high-priced waterfront sales. Average price declined 12% in Mattituck/Laurel as there were fewer sales over $1M.
The most noticeable shifts in market share occurred at the high and low ends. Closings over $1.5M rose from 3% of the market to 7% this quarter. Sales under $350,000 also had a greater market share, up from 6% to 9%. But the next category up, $350,000 to $500,000 shed 5% market share. All other price categories had 2% shifts in market share.