East End Q1 Report – 2017
Welcome to the First Quarter 2017 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 January through March 2017. It compares data to that reported in the same period of 2016. 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
Reported sales were robust on the South Fork, with the number of closings up 18% year-over-year. However, the very high-end of the market was much less active, causing the dollar volume of sales to decline a slight 1%. All areas had more closings reported except for Bridgehampton/Sagaponack, Shelter Island, Water Mill and Amagansett. Overall, average price fell 16% on the South Fork. But again, the limited number of very high-end sales exaggerated this year-over-year change. The median price was nearly unchanged, dropping by just $5,000. Among the hamlets and villages, most saw median price increase, including a 47% rise in Southampton and a 33% increase in Southampton Village, where the three highest reported sales occurred.
The North Fork
Strong sales activity was reported on the North Fork. Closings increased 19% versus those reported in First Quarter 2016. Nearly every area had an increase in closings, with Aquebogue/Jamesport leading the way with a 44% increase. Average price was slightly higher, up 2% year-over-year. As a result, sales volume was up 21% year-over-year. Median price was up a notable 10% given a strong performance in the $500k to $750k market. Mattituck/Laurel was particularly solid, with the most sales reported and significant increases in average price of 33% and median price of 26%.
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