Town and Country Real Estate monitors 4 North Fork markets and Riverhead quarterly, as well as a separate report on Hamptons Home Sales activity. Looking at the statistics for 2nd Quarter 2008 we note the deviations are more mild on the North Fork than on the South Fork, possibly an indication the North Fork markets will realize a balanced market soon.
Jamesport (which includes Aquebogue, Baiting Hollow and South Jamesport) saw the same Homes Sold (25) for the 1st Quarter 2008 as the same period last year, and the Median Sale Price rose 3.6% from $429,510 in ’07 to $445,000 in 2008. It was a good Spring for Jamesport.
The North Fork market hit the hardest in 2nd Quarter 2008 was Mattituck (which includes Laurel and Cutchogue) with 21 Home Sales in 2008 vs. 57 in 2007, this is a drop of 63%. Furthermore, there was a 22% drop in Median Sale Price from $592,000 in 2007 to $460,000 in 2008. Also in Mattituck we note only 2 Home Sales Over $1M for the entire 2nd Quarter 2008, off from the 6 posted in 2007.
Southold (which includes New Suffolk and Peconic) saw a slowdown in the Number of Home Sales (-32.5%), yet the Median Sale Price rose a considerable 9.35% from $535,000 in 2nd Quarter 2007 to $585,000 in 2008.
A look at All North Fork Markets Combined clearly demonstrates the Spring trend of fewer home sales with 134 in 2008 vs. 206 in 2007 or a 35% drop, yet only a slight dip in Median Sale Price from $500,000 to $468,750 2nd Quarter 2007 to 2nd Quarter 2008 respectively. In the 1st Quarter 2008 there were 97 Home Sales or 46% less than same period in 2007.
2nd Quarter 2008 also posted 7 Home Sales Over $1M for a decline of 66% difference from the 21 in 2nd Quarter ’07. This trend makes for many opportunities for a savvy investor.
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