North Fork Real Estate Excitement Cooling, But Demand Remains High

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Southold home prices rose sharply in the second quarter of 2021. The cost of this home on Soundview Ave. is $ 3.5 million. (Photo: OneKey MLS)

Just over a year after the outbreak of the COVID-19 pandemic, which triggered unprecedented demand for real estate on the North Fork, the market is still strong.

In the second quarter of this year year-over-year, dollar-denominated sales rose 53.3 percent to $ 140 million, the average selling price jumped 24.9 percent to $ 827,584, and sales jumped 39.1 percent to $ 140 million. 192.

Demand is observed in all price categories, according to data Brown Harris Stevens Hamptons Market Report for Q2 2021… At prices in all categories except those in the $ 350,000 to $ 500,000 range, there was an increase in sales over the same period last year. The category> 500-750 thousand US dollars was the largest number of transactions, which accounted for 26% of all sales in the second quarter of 2021. The above category over $ 2 million showed the largest annualized growth – from 3 in 2Q20 to 13 in 2Q21.

In some villages, there have been particularly large increases in average prices compared to last year. In Southold, that figure rose to $ 1,185,042, up from $ 667,277 a year ago. A similar story happened with the East, which experienced a huge jump from $ 1,213,883 to $ 2,330,100, and Katchog, where the average selling price jumped from $ 652,375 to $ 1,058,962.

While the number continues to grow, real estate agents are seeing some changes in the market.

“The madness seems to have died down, but there are many buyers,” says Robert Nelson, Hamptons CEO, Brown Harris Stevens. “Panic buying is back to smarter buying, but remember that there is a limited number of homes to choose from. Homes with the right price will sell quickly as we still see a lot of offers for these homes. Since there is only one buyer who receives a home with multiple offers, other buyers are still on the market. Listing price matters the most. “

As already hot areas such as Greenport, Mattituck and Southold continue to be in demand – all of which posted higher sales last quarter than a year earlier – potential buyers looking west to areas that offer many of the same amenities but for a small fee.

Debra Greco, Junior real estate broker Daniel Gale recently sold a four-bedroom home on an acre and a half with a pool in Akeboga for $ 780,000.

“My buyers are now discovering Akebog and Jamessport as new opportunities to build a home on the North Fork,” says “These villages are located at the start of the North Fork Wine Trail with award-winning vineyards, next to half a dozen golf courses and beautiful beaches. The hotel also has easy access to the historic Riverhead Promenade, which is full of great restaurants and nightlife. Buyers believe they still have access to the best of the North Fork, but still get more for their investment due to the generally lower prices. They also have the advantage of a shorter weekend trip. “

In addition to searching in under-demanded areas, potential buyers may want to pounce on them in the third and fourth quarters. That’s when Diane Mollica, a licensed real estate seller at Sotheby’s, said there may be some growth in inventories.

“I expect to see an increase in inventory in the late third and early fourth quarters,” she says. “The property will be leased and put up for sale. We’ll also see people move south this time of year and put their homes up for sale. ”

However, potential buyers waiting for the market to cool will compete with new buyers who have just joined the hunt.

“While there are still buyers who did not find a home during the pandemic, there is also a steady stream of new buyers entering the market,” says Patricia Cosmadelis, real estate salesman Daniel Gale. “The small town, healthy beach lifestyle we enjoy on the North Fork is more attractive than ever.”

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