Year in Review: North Fork Real Estate in 2011

Real Estate on the North Fork has seen many changes over the past 10 years. In 2001 the North Fork region was just being discovered again by second home and vacation house buyers who lived within a three-hour radius. The housing market was recovering from the recession of the late 1990's, and buyers at that time were looking for value. The draw and reputation of the South Fork was strong and that brought home buyers to the East End of Long Island.

During this time, the New York Times was featuring the North Fork for the value, relaxing lifestyle, ease of transportation as well as the charm and sincerity of the local residents. After growing up on the North Fork and having many friends during my childhood who came out to the area for summer vacations, I thought this was ironic. This is what the North Fork is all about.

Then we had the boom years up to 2005, with homes selling within six months of the sign going up and the new marketing technique of adding it to real estate websites. With the increase in second home buyers, we saw the success of the wineries, farm stands and dining options improve and prosper throughout the hamlets as they brought out friends and family. 

By 2009 the consumer confidence was at all time lows as the world economies made the headlines everyday. This reflected in the North Fork real estate market, with total home sales dropping to the lowest levels since 1999 but median home sales prices saw a marginal decline when compared to other markets in the country. According to Suffolk Research,  Southold Town had a median home sales price of $242,500 in 2001 and by 2010 it was $440,000. It appears 2011 will stabilize and stay in line with a median price of $440,000.

What did we see in the real estate business on the North Fork in 2011? Buyers and sellers are both looking for service and value once again. As the industry has started to reinvent itself and recover, the consumer is getting the benefit of the improvements to the real estate industry on the North Fork. Photography featuring the homes for sale have made significant improvements. The home buyer can select homes that fit their needs based on pictures that feature the benefits of the each house.

Websites now offer pricing history, open house schedules, proximity to shopping, transportation and events. The information available to the consumers has increased at a dramatic pace. Today, that information is critical to both buyers and sellers as they complete their research and fact finding before they enter the real estate market with an agent.

When I look back on the year's activities, I find a smile on my face. There were so many exciting stories from the buyers and sellers once they completed the closing of their homes. They were all excited about the future and next events now that they have completed their real estate transaction on the North Fork.

Some have bought the perfect first home, vacation getaway or the manageable retirement retreat. Others have sold their North Fork dream house and moved into the right house for this stage in their lives. Many that have moved off the North Fork have moved closer to family in other parts of the country. 

This region has always created so many happy memories and it is so exciting to share in them as the years roll by. At the end of the year, we should be proud to be able to live in such a wonderful area!