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Southold Town

Southold continues to show the foundations of a strong real estate marketplace. The median home price continues to remain steady and has increased in some hamlets. This is a reflection of higher end homes being offered on the market and purchasers see the value in home ownership on the North Fork. Land preservation has limited the over development and maintained the personality and vistas that the North Fork has become known for.

Includes Laurel, Mattituck, Cutchogue, New Suffolk, Peconic, Southold, Greenport, East Marion and Orient.

The North Fork Team Year In Review 2008

The numbers are out for 2008.

The source of this information is Suffolk Research. They track all real estate sales, both public and private, as a third party interest. This information provides the best picture of the overall real estate market.

According to George R. Simpson, President of Suffolk Research Service, Inc. the real estate market for the East End of Long Island declined in Median Price, Unit Sales, and Dollar sales for the year 2008 vs 2007. 2008 Median Prices for Single Family Residential Houses has declined from 2007 in the all the towns on the East End except in Shelter Island.

Ranking from best to worse.

Prices rose 1.3% to $962,500 in Shelter Island.
$500,000 in Southold (down 4.8%).
$409,693 in Riverhead (down 5.3%)
$995,000 in East Hampton - (down 9.5%)
$799,900 in Southampton - (down 13.5%)

Southold Township was down the lowest percentage of all of the East End towns.

Southold Township

Individual sales were down 24% with a total of 319 homes sold vs. 420 sold in 2007.
Median selling price was down 4.76% to $500,000. 2007 was $525,000.
In 10 years it has increased from $174,000 to $500,000.

The chart below shows the median price for Residential Homes in Southold Township comprising all of the hamlets from 1998-2008

Southold Village

Individual sales were down 29.66% with a total of 83 homes sold vs. 118 sold in 2007
Median selling price was up 5.76% to $550,000. 2007 was $520,000.
In 10 years it has increased from $175,000 to $550,000.

The chart below shows the median price for Residential Homes in Southold Village from 1998-2008

East Marion

Individual sales were down 7.4% with a total of 25 homes sold vs. 27 sold in 2007
Median selling price was up 3.31% to $545,000. 2007 was $527,500.
In 10 years it has increased from $152,500 to $527,500.

The chart below shows the median price for Residential Homes in East Marion from 1998-2008

Greenport

Individual sales were down 51.61% with a total of 15 homes sold vs. 31 sold in 2007
Median selling price was down 2.38% to $410,000. 2007 was $420,000.
In 10 years it has increased from $114,500 to $420,000.

The chart below shows the median price for Residential Homes in Greenport from 1998-2008

Laurel

Individual sales were down 23.52% with a total of 13 homes sold vs. 17 sold in 2007
Median selling price was down 2.91% to $500,000. 2007 was $515,000.
In 10 years it has increased from $200,000 to $515,000.

The chart below shows the median price for Residential Homes in Laurel from 1998-2008

Peconic

Individual sales were down 25% with a total of 12 homes sold vs. 16 sold in 2007
Median selling price was up 13.28% to $708,000. 2007 was $625,000.
In 10 years it has increased from $173,000 to $625,000.

The chart below shows the median price for Residential Homes in Peconic from 1998-2008

Cutchogue

Individual sales were down 37.68% with a total of 43 homes sold vs. 69 sold in 2007
Median selling price was even with $580,000. 2007 was $580,000.
In 10 years it has increased from $207,500 to $580,000.

The chart below shows the median price for Residential Homes in Cutchogue from 1998-2008

Mattituck

Individual sales were down 44.73% with a total of 42 homes sold vs. 76 sold in 2007
Median selling price was down 1.18% to $469,370. 2007 was $475,000.
In 10 years it has increased from $160,000 to $475,000.

The chart below shows the median price for Residential Homes in Mattituck from 1998-2008

Orient

Individual sales were down 23.07% with a total of 20 homes sold vs. 26 sold in 2007
Median selling price was up 29.31% to $750,000. 2007 was $580,000.
In 10 years it has increased from $245,000 to $580,000.

The chart below shows the median price for Residential Homes in Orient from 1998-2008

Summary

When you review the historical data over the past 10 years you can see the general increase in home values. Orient shows more of a fluxuation because of the value of the range of homes selling. Some years more multimillion dollar waterfronts sell than the following year. This inconsistency can be seen from 2004 through 2008.