“The number of sales still trended down across the East End in the first quarter of 2023, and the South Fork saw a more significant decline than the North Fork, with a 30% annual dip. We’re also continuing to see low inventory levels — below 2,000 active listings — which doesn’t leave buyers a wealth of options across most submarkets. In good news for South Fork home seekers, prices are down across the region for the first time since 2019. However, on the North Fork, prices are trending up, with average and median prices reaching the second-highest figures on record.”
– Ernie Cervi, Regional Senior Vice President, East End
In early September 2022, an all-encompassing attack on Suffolk County government systems caused a significant disruption in recorded real estate data. Due to the breach, the county did not report closings for several weeks in September and October. Therefore, the number of sales and dollar volume figures in Third Quarter and Fourth Quarter 2022 are negatively affected. Had the breach not occurred, reported figures likely would have been higher than what is shown in this report.
South Fork sales fell 30% YOY, making 1Q 2023 the slowest first quarter since 2013 and the sixth consecutive quarter of decline.
For the first time since 2019, median and average prices fell across the South Fork.
- The overall average and median price of a single-family home on the South Fork decreased 7% and 8% YOY respectively, however, the shift in prices varied greatly by submarket.
- The median price in Westhampton Beach was up a significant 41% annually, while in Bridgehampton/Sagaponack, median price was down 41%.
- Average and median price increased by over 20% in both Sag Harbor/North Haven and Montauk.
Even as sales slowed, with rising prices across the North Fork, sales volume expanded 7% YOY to $146.151M.
- Sales above $1.5M made up 19% of transactions, which is a 5% increase in market share as compared to this time a year ago.
Average and median prices reached their second-highest figures on record, with annual increases of 16% and 14%, respectively.
- Greenport had the most significant median price jump at 37%, while the average price in Southold/Peconic was up 71% due to four sales over $3M versus no such sales last year. Southold/Peconic also had the most expensive sale on the North Fork this quarter, a five-bedroom bayfront property that sold for $5.35M.
- Mattituck/Laurel and Aquebogue/Jamesport were the only two areas to see median price fall annually, down 11% and 2%, respectively.
In the residential luxury market (top 10% of all residential sales):
- Average and median price were up for the luxury market on the North Fork, with average price up 21% YOY and median price up 38% YOY.
- There were 15 closings over $2M, an increase of 50%.
- Southold/Peconic reported the most luxury sales this quarter.