Still, many came to love the area and decided to stay, often buying the properties they had rented after their lease ended, fueling record waves in the sales market.
Between July and September 2020, after authorities lifted restrictions on home exhibitions, North Fork recorded 236 residential sales (mostly single-family homes) at an average price of $ 875,000, according to a report by the valuation company. Miller Samuel for Douglas Elliman Real Estate. This was the highest number of transactions since the mid-2000s.
More than a year after the start of the pandemic, panic no longer appears to be the main motivator for buyers and business has cooled. But the high water marks are still being reached.
From January to March, there were 181 home sales at an average price of $ 1 million, according to the Elliman report, making it the busiest winter since 2006. Last winter, by comparison, there were had 114 sales for an average of $ 816,000, according to the report, while winter 2019 saw 110 sales at $ 741,000.
Some of these transactions, which were delayed due to the high volume of transactions, reflect a previous market. But even the current demand is still intense.
On April 30, a house in Southold built in the 1970s with vaulted ceilings that looked like it needed a bit of TLC hit the market at $ 895,000 and quickly attracted 28 screenings and 12 bids, Sheri said. Winter-Parker of the Corcoran Group, the listing agent for the property. In early May, the house, which has four bedrooms and more than an acre, was on the verge of closing a contract for “hundreds of thousands of people on demand,” said Ms. Winter-Parker, who added: “C was crazy.
Part of what differentiates the current market from last year is that the frenzy of shopping in recent months has significantly reduced supply. According to brokers, the further inventory tightening is the fact that people who would have otherwise put their homes up for sale before the pandemic decided not to.