East End Quarterly Real Estate Market Reports – Q3 2017
By The Corcoran Group
Welcome to the Third 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 July through September 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
Third Quarter turned in a solid performance on the South Fork with sales and price statistics rising. The number of reported closings edged upwards by 2%. Most areas saw more sales, with particularly notable upticks in Quogue (up 85%) and Southampton (up 42%).
Price metrics also improved, with the average price up 6% and the median price up 7%. Strong performance in the highest cost markets – East Hampton Village and Southampton Village – contributed to overall average price growth. Median price was up in 10 out of the 13 submarkets that reported sales in Third Quarter 2017.
The North Fork
Sales reported on the North Fork were relatively even year-over-year, with just a 3% drop, which is equivalent to only five fewer sales. Sales volume was up 4%, however, as prices increased. Southold had a large increase in sales reported, up 47%, while East Marion/Orient also increased, compensating for 20% or larger drops in sales in the other areas. Greenport was the only submarket to see a decline in average price, but this is because last year there was a sale reported of nearly $2MM. Several sales reported over $2MM in East Marion/Orient drove that submarket’s price statistics higher; Third Quarter last year had none.