The South Fork
The South Fork had a decline in both sale and price statistics. Reported closed sales declined a slight 2% year-over-year but sales volume fell a deeper 7%. Average price and median price were both down, by 6% and 8% respectively. A major drive of these declines was a weak quarter in Southampton Village, which had fewer sales, particularly at the high-end. Altogether, sales were down in ten out of the 14 areas. Only East Hampton, East Hampton Village, Montauk and Remsenburg/Westhampton noted more reported sales this quarter compared to First Quarter 2018.
Average price was higher in half of the areas. The biggest increase was in East Hampton, with average price up 21%. While the number of reported East Hampton sales was nearly steady, there was a major increase in deals over $1M, while those under $500,000 shrank. Bridgehampton/Sagaponack had the next highest average price increase at 16% and the highest median price increase at 46% due to a steep drop-off in deals reported under $1M. The biggest decline was Shelter Island’s 41% average price drop, attributable to a lack of reported sales over $2M this year
The North Fork
Market statistics on the North Fork increased. The number of reported sales improved 12% year-over-year. All areas reported more deals except for East Marion/Orient, although the drop here was only three fewer reported sales. The largest uptick was in Southold, where the number of sales was 33% higher.
Average price grew by 2% while median price was just 1% higher. By area, average price only grew in two out of five, but the fairly large gains in Mattituck/Laurel (17%) and East Marion/Orient (14%) offset the drops in the other parts of the North Fork.