In contrast to much of the New York City region, home sales in the LONG ISLAND market rose, and inventory fell. Real Estate listing inventory fell to a more than fifteen year low after three straight quarters of year over year declines.
The NORTH FORK saw a price record reached but with fewer sales and more inventory. The median sales price set a new record for the third time in the past four quarters. The decline in sales throughout 2018 was consistent with a large portion of the New York City metro area. Economic uncertainty concerning the new federal tax law, the volatility of the financial markets and the higher cost of financing were among the factors that played a role in cooling real estate market conditions.
The current feed back from most local agents that I speak to on the North Fork has been consistent; Low Inventory, Strong Demand and High Sales activity for the normally very quiet winter months. Spring could just very well be a continuation of the last few quarters dynamic with strong sales activity in the under 1 Million dollar category. For those of you that are considering buying a piece of the North Fork of Long Island, the time is now.
Fourth Quarter Real Estate Market Report Courtesy of Douglas Elliman Real Estate
Click Here for the Full Market Report of the North Fork of Long Island
