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What's selling, and what's not, on the North Fork

Less expensive was more popular in the North Fork for the first quarter, Town & Country Real Estate reports. The East End firm released its first quarter statistics for the region today, and for homes priced above $500,000 they’re not pretty: Sales from $500,000 to $999,000 took a 59 percent tumble, and sales between $1 million and $1.99 million fell 20 percent compared to the same quarter in 2010.

But home sales below $500,000 rose in every market except Jamesport, with a 33 percent increase in that price range for all North Fork markets combined. In Jamesport, there was a 50 percent increase in the $500,000 to $999,000 range, but sales fell for homes priced above or below that range.

The number of sales for the combined North Fork market declined 7.4 percent and the median sales price fell 17 percent. The bright spot in the report was Mattituck, which includes Laurel and Cutchogue, where sales activity rose 17 percent and total home sales volume shot up 68 percent, from $9 million in 2010 to $15 million in 2011.

The number of first-quarter home sales in Orient, which includes East Marion and Greenport, fell 33 percent, from nine homes sold in 2010 to six in 2011. But the region’s median home sales price for the same time period rose 19.4 percent from $360,000 to $430,000.

In the Southold market, which includes New Suffolk and Peconic, the median price fell 34 percent, from $620,000 to $406,500 for the same period 2010 to 2011, and the total volume plummeted 53 percent, from $11.3 million to $5.3 million
 

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