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South Fork
The South Fork reported 352 closed sales in First Quarter 2024, a 23% annual decrease. The number of reported sales was the lowest first quarter figure since we began our report, more than ten years ago. Despite the annual
sales decline, there was a slight uptick in reported deals versus Fourth Quarter 2023.
All but four of the fourteen analyzed South Fork villages and hamlets displayed a decrease in closings versus a year ago. Eleven submarkets had double-digit annual drops. Notably, Southampton had the most significant
percentage drop in sales, down 45% versus First Quarter 2023, a difference of twenty-five closings. On the other hand, Quogue and Amagansett increased by 50% and 45%, respectively.
The decrease in the number of sales naturally impacted dollar volume this quarter, which fell 25% annually. However, three South Fork villages and hamlets increased in sales volume. Amagansett had the most robust
change in sales volume, bolstered by a $40M sale on Further Lane. East Hampton Village had the steepest annual decline, with sales volume falling 53% because of a nearly $80M sale that was reported closed during First Quarter 2023.
Pricing held steady at near-record levels. The South Fork median price was just 1% below the record figure set in Fourth Quarter 2023. Median price this quarter, at $1.900M, rose 15% year-over-year and has now increased year-over-year for three consecutive quarters. South Fork average price, at $3.112M, fell 2% year-over-year. Fewer closings above $30M in First Quarter 2024 contributed to the drop in price statistics.
Ten out of fourteen South Fork submarkets witnessed an annual increase in median price. Amagansett expanded most significantly, up 40% year-over-year, which can be attributed to the $40M Further Lane sale and an additional sale over $5M. On the other hand, Westhampton Beach had the largest drop in median price, falling 26% year-over year as First Quarter 2024 had 31% fewer sales reported above $2M than during the First Quarter 2023.
North Fork
In First Quarter 2024, North Fork single-family home sales fell 23% year-over-year to 99 reported closings, marking the first time since 2013 that North Fork sales were below 100 in a first quarter. All but one North Fork submarket saw closings fall, with only Southold/Peconic increasing by 8%. Mattituck/Laurel had the most significant decrease in sales volume, down 37% year-over-year. North Fork sales volume followed a similar trend, falling 21% versus First Quarter 2023, with all six submarkets decreasing, three by double-digits. Aquebogue/Jamesport and Cutchogue had the smallest drops in sales volume at 7% each.
Median price increased 10% annually but fell below the record high of Fourth Quarter 2023 when median price exceeded $1M for the first time. Average price also expanded, up 3%, but also was slightly below the 2023 record. Half of the six submarkets saw annual growth in their average price. Cutchogue increased by 32% as only three sales were below $1M compared to ten such sales last year. Three of the six submarkets saw annual growth in median price, with two decreasing and one remaining level. Cutchogue claimed the largest increase again, increasing by 41%. Greenport had the most significant decrease of 19%, as fewer sales were above $1M this quarter.
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