August 2012 – Record contracts signed on the North Fork!

September 19th, 2012 - by Joan Bischoff van Heemskerck
Filed under: Joan Bischoff, North Fork, Southold, summer

According to MLSLI – the month of August saw a record number of residential transactions going into contract of sale in 2012 – highest since I started tracking in April of 2006. 40 residential properties went into contract in the area I track. One more than August 2011, the prior record. Interestingly, average days on market (DOM) for these sold properties rose to 241 days. Median lowered a bit to $450K – still showing lower priced properties selling. MLS showed 431 residential properties listed – very low, normally around 500 this time of year with a high of 550-600 over the past few years.

The most important trend is that sales above $1 Million – 7 out of 40 contracts in August- the upper echelon showed drastic improvements – while the middle of the road between $500K and $ 1 Million showed some improvement at 11 transactions but still lacks a bit given higher inventory and fewer buyers in that range – and the lower end below $500K saw 22 contracts signed, less active then in prior months at low inventory.

Price Range On the Market Sold in August
Under $500K 135 22
Between $500K and $1 Million 203 11
  • $1 Million
98 7

There is no doubt in my mind that sold inventory is not easily replaced with new listings – sellers are waiting. Buyers are undoubtedly influenced by the news about the economy – even when purchasing second homes. The higher end buyers may have pulled the trigger convinced of getting a good deal at very low mortgage interest rates which may start inching up.

The North Fork market remains a brisk one – at the right price! Sellers should work with an agent who helps determine the best price for their home to prevent it from languishing on the market and helps with tips on how to best present your home in the best possible light. We see activity on any property that is priced right – so if you do not see activity – try reviewing your price and ask your real estate professional for an analysis of other homes on the market -your competition- and recent sales of comparable properties to make sure your pricing strategy is on target.

Notes: for The North Fork I used the MLS hamlets of Cutchogue, East Marion, Greenport, Jamesport, Laurel, Mattituck, Nassau Point, New Suffolk, Northville, Orient, Orient Point, Peconic, S. Jamesport, Southold data from MLSLI properties under contract

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