The South Fork
Second Quarter 2019 was a challenging one for the South Fork market, with declines in both closed sales and price statistics. The number of reported closings declined 26% versus Second Quarter 2018. Nearly every area registered a decrease in the number of sales. Shelter Island was the one area to have a small increase in sales and Amagansett and Montauk sales were even with Second Quarter 2018. Double-digit drops in the number of reported closings were common, with some areas seeing fewer than half the number of sales as last year: East Hampton Village was down 58% and Water Mill was down 69%.
The decline in closed sales was steeper at the very high-end of the market, which contributed to decreased prices. Average price was down 9% and median price was down 5%. Seven of the thirteen areas had a drop in average price. Quogue had the largest drop at 48% because there were fewer waterfront sales reported this quarter. In East Hampton Village there were no sales reported over $7M, causing the significant 47% drop in average price. On the other hand, there was a very high 82% increase in average price on Shelter Island driven by several sales over $2M, whereas in Second Quarter 2018 there were none reported. Meanwhile, in Southampton Village the high-end was strong and the market under $2M had very few reported closings, causing a 70% spike in average price.
The North Fork
Sales declined on the North Fork this quarter and prices were basically unchanged from a year ago. A 30% decrease in reported closings was caused by a slower sales pace throughout the North Fork, except for Greenport, which had one more sale this quarter versus Second Quarter 2018. The biggest decrease was in Aquebogue/Jamesport where there were half as many sales, but Southold was not far behind with a 48% decrease in reported closed sales.
In terms of pricing, East Marion/Orient rose sharply to an average price of nearly $1.3M. This 46% increase came about due to multiple sales over $1.6M, whereas in last year’s second quarter there were none, plus a drop in sales under $500K. Average price was nearly flat in Greenport and Southold, as it was overall for the North Fork.