Authored by: Laurie Mindnich
May 31st, 2009

The following information was obtained from MLSLI- while deemed accurate, no guarantees.

In order to gain a sense of the market, we bring you monthly sold/closed homes on the North fork/east end of Long Island. For sellers, it’s an opportunity to see what direction things are going; for buyers, if you’re considering a property out this way, it’s need-to-know information.

MAY, 2009 UNDER CONTRACT PROPERTIES:

Total u/c: 38

Median Listing Price: $399k (listed- does not reflect sold price)

Riverhead had the most active sales activity, with 12 contracts. This is in part because this report includes manufactured homes; Cutchogue had a total of 7 properties under contract, followed by Southold (4); Mattituck (3), and Baiting Hollow (3).

MAY, 2008 UNDER CONTRACT PROPERTIES:

Total u/c: 34

Median Listing Price: $469,450 (closed figure)

Riverhead lead the pack last year, as well, followed by Southold, Orient, and Baiting Hollow.

THE GOOD NEWS? While median pricing is lower, activity is keeping pace with last year.

MAY, 2009 CLOSED PROPERTIES:

Total closed: 31

Median Closed Pricing: 350k

Riverhead showed the highest # of closings with 9, followed by Mattituck with 4; Baiting Hollow with 4.

MAY, 2008 CLOSED PROPERTIES:

Total closed: 40

Median Closed Pricing: $475k

A lower figure with closings is reflecting the very quiet Jan/Feb/March on the east end of Long Island.  These figures should see some improvement in volume (not pricing) when activity this month closes over the course of the next few months.

Clearly, prices have dropped, and the forecast doesn’t indicate that we’ll see an increase any time soon. We’ve noticed that waterfront is becoming more obtainable- with continued price drops, it will be interesting to watch the market over the coming months.

If you’re seeking property on the east end of Long Island, we represent the buying side, and will provide all data needed to make an informed decision. Do NOT buy from a listing company (or any real estate agent) representing the seller if your agenda is to uncover the best possible price- you won’t find it.

Call us if you’d like help locating a North fork/East end of Long Island home.

To get more specific local North Fork or East End & Hamptons real estate information, fill out the form below with your questions/comments. We know how to find properties coming on the market, and available. If you’re looking for a foreclosure on any part of Long Island, we’ll help you find it.

To search available homes for sale on the North Fork / East End Long Island or condos on the North Fork of Long Island, click “north fork homes”, enter your area of interest and any parameters, and click “go”- properties for sale include Riverhead, Aquebogue, Baiting Hollow, Calverton, Jamesport, Laurel, Mattituck, Cutchogue, Peconic, Southold, Greenport, East Marion, Orient, Orient Point, Westhampton Beach, Hampton Bays, Flanders, Southampton, Sag Harbor, East Hampton, Montauk, NY.