We chose 5 years because TOWN & COUNTRY had identified the summer of 2005 as the “Top of the Market” (August 2005) and we were the first to identify the first half of 2009 as “The Bottom” (March 2009). Thus looking to analyze the comparison from Bull to Bear.
This evaluation examines the Number of Home Sales, Total Sales Volume, Median Sales Price as well as 6 different price categories within each of the four individual markets spanning the North Fork.
Starting at the top of TOWN & COUNTRY’s chart, we see JAMESPORT (which includes Aquebogue, Baiting Hollow and South Jamesport) had 163 Home Sales in 2005 and only 66 in 2009 – a decline of 60%. This trend, of course, led to the Total Sales Volume to drop from $89M to $27M or 70%. If you glance at the different price categories you will see the largest drop was in high end home sales on the North Fork. Homes $1M and up dropped to zero in 2009 from 10 in 2005.
That specific trend of significantly lower amount of home sales on the high end is a trend that all 4 North Fork markets experienced. In fact, in All North Fork Markets Combined $1M and up home sales dropped from 71 in 2005 to 27 in 2009 or down 62%.
On the North Fork, the Median Home Sales Price fluctuated between a mere 7% drop in MATTITUCK (which includes Laurel and Cutchogue) to a 20% drop in ORIENT (which includes East Marion and Greenport) from the height of the market, to the bottom. A digestible correction, considering other investments may have dropped 50% or more.
While this analysis may confirm what those of us in the business have felt – that the Number of Home Sales suffered, particularly the high end. The good news is, our markets have established their respective floors and we do not foresee further declines in values or activity… which leads us to our next growth period!
To view more specifics on your particular locations and price ranges visit our website, click here.
*Source: The Long Island Real Estate Report
**All information is deemed reliable and correct. Information is subject to errors, omissions and withdrawal without prior notice.