The South Fork
It was a mixed quarter for the South Fork/Hamptons market with a decline in closed sales and rising prices. However, contrary to the downward sales trend this quarter, the Bridgehampton/Sagaponack areas enjoyed robust sales with a 52% increase in closed sales year-over-year and an 88% increase in sales volume to $151 million vs. $80 million in First Quarter 2017. South Fork prices increased in the First Quarter 2018. Average sale price increased 10% year-over-year and median sale price rose 7%. Over $5 million was the only market segment with increased sales this quarter compared to First Quarter 2017. The increased sales activity at the high end of the market, helped drive overall South Fork prices upward this quarter.
The North Fork
Like the South Fork, the North Fork had fewer sales reported in First Quarter 2018. Sales were down 26% overall, with only East Marion/Orient showing an increase in reported closings. Average price was up 9% and median price up 10%, as sales held up better at the high-end of the market, and declined more at the low-end. Like in sales, East Marion/ Orient performed best, with a 42% increase in average price. The three highest priced North Fork sales reported this quarter were all in Orient. In First Quarter 2017, however, Cutchogue/Mattituck/Laurel dominated the top-priced sales, which is why this quarter it was the only area to show a drop in price statistics.
The luxury market is defined as the top 10% of all residential sales made within the period being reported. As various factors redefine the high-end market in any given period, these numbers may exhibit more volatility than the market overall. On the South Fork, price statistics increased for the luxury market. Average price was up 17% and median price was up 27%. There were more reported sales over $5M in First Quarter 2018 than First Quarter 2017. Last year it was the $4M range that was noticeably stronger than this year. In the North Fork luxury market, the average price decreased 5%. First Quarter 2017 had more sales over $2.5M, which skewed the average higher. Median price, however, was flat year-over-year.[embed_cta url=”https://media.corcoran.com/pdf/reports/2018_Q1/EastEnd_Q12018.pdf”]Download the Report[/embed_cta]