Everyone is asking how strong is the North Fork real estate market — and the news seems to report on a sluggish housing market across the nation.
But for the first six months of 2011, the popular beach communities across the North Fork seem to be selling very well with home buyers. The desirable beach neighborhoods have a reduced selection of homes available for sale compared to the past two years. The sales activity has been very strong with homes offered for sale below $5oo,000 and are in close proximity to a bathing beach.
During the boom years on the North Fork, we found that home buyers for vacation properties were looking for a minimum of three bedrooms and two bathrooms. In the new economy, home buyers are purchasing homes that are financially below their means. This has translated to many two bedroom, one bathroom homes selling in communities that would have been passed over just a couple of years ago.
The North Fork has remained a stable real estate market when compared to other parts of the nation such as Florida. The vacation home market has declined in Florida by more than 50 percent from the peak years. The North Fork has seen about a 15 to 20 percent decline depending on the community and size of the home from the peak years. Over the past year, prices have started to stabilize, and it is nice to see that the draw to the North Fork remains strong even with changes in financial and real estate markets.
According to Suffolk Research statistics, the hamlets in Southold Township saw a dip in total sales in 2009 and have recovered in 2010. The median sales price has followed the same trend.