The last 3 months of 2016 were filled with fits and starts for North Fork Real Estate markets. Half the individual markets monitored by TOWN & COUNTRY experienced increases in the Number of Home Sales. In fact, Mattituck (which includes Laurel and Cutchogue) had a banner quarter with an impressive 45% jump in the Number of Home Sales and a whopping 65% leap in Total Home Sales Volume.
On the other side of this spectrum is Southold (which includes New Suffolk and Peconic) that saw a 49% drop in the Number of Home Sales, from 41 in the 4th Quarter 2015, to 21 in the same three months of 2016. Additionally,the Total Home Sales Volume dropped 40% due to the lack of sales.
One key statistic to note, is the Median Homes Sales Price rose in nearly every market. This is a clear indicator that prices are on the rise. Looking at All North Fork Markets Combined and you can guage the trajectory of North Fork home sales at the end of last year. While the Number of Home Sales declined by 15%, and the Total Home Sales Volume dropped 7%, the Median Homes Sales Price rose 9.5%. Furthermore, the price category that saw the only increase was the $2-3.49 million price category.
2017 should be a better year than 2016. TOWN & COUNTRY North Fork offices are all reporting heightened activity since the election.
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