“I just love statistics—they’re boldly factual and tell the story with utter accuracy!” says Town & Country Real Estate CEO Judi Desiderio. With the release of the heralded Town & Country Home Sales Report on Long Island’s North Fork Real Estate for the third quarter of 2021, those statistics reveal a market that has settled into its own new normal after the wild ride it was on a year ago.
“One year ago, we were in the belly of the beast. Initially, COVID-19 created a rental frenzy the likes of which we’ve never seen and may never see again. Then by summer 2020, the realization that this virus was not going away too soon led us to a powerful sales market like no other. Fast forward 12 months and the stats show us a sales market that settled into its own. The number of home sales in all four markets monitored by Town & Country Real Estate fell. Same with Total Home Sales Volume, which dropped.”
In looking at those four markets—Jamesport (which includes Aquebogue, Baiting Hollow and South Jamesport), Mattituck (which includes Laurel and Cutchogue), Southold (which includes New Suffolk and Peconic) and Orient (which includes East Marion and Greenport)—the report notes that the big news is the information about Median Home Sales Price. In each of the aforementioned markets, gains were realized, and notable ones at that.
“Not just an ordinary increase,” Desiderio continues, “but a statistical leap.”
Overall in Q3 2021 on the North Fork, there were 59 home sales, a 45% decrease from the 108 in the same period of 2020. The Median Home Sales price was $800,000, up 18.17% from the $677,000 last year. The number of homes sold under $500,000 dropped from 23 to 11, while sales between $500,000 and $999,999 were 31 this year versus 69 last year. At the $1 million to $1.99 million level, there were zero homes sold in Q3 2020, while this year there were 14 in that time period. Between $1.99 million and $3.4 million there were two sales in Q3 2021 and none in that time frame last year, and between $3.4 million and $4.99 million this year there was 1 sale, versus zero in Q3 2020.
“While there was a palpable increase in values, the Median Home Sales Price shows us not only were homes trading at higher prices but more expensive homes were also selling at greater numbers,” Desiderio observes. “Looking at All North Fork markets combined and the home sales activity for 3Q 2021 is quite clear—less home sales in the lower price ranges and more in the higher price ranges yet fewer homes changed hands.”