Suffolk Research Service
Market Report 1st Qtr 2014, East End of Long Island
April 25, 2014
East End Real Estate Market Shows Strong Trend for Recovery
In Median Price, Unit Sales and Dollar Sales
Suffolk Research Service, Inc. Releases Comparative 1st Quarter 2014 Market Figures for the Real Estate Industry of Eastern Long Island
According to George R. Simpson, President of Suffolk Research Service, Inc., the real estate market on the East End of Long Island is showing a healthy trend of recovery in all respects.
For single family residences, all three market indicators are up 1st Qtr 2014 over 2013. Median Price is up 5.9 %, Unit Sales are up 7.9 %, and Dollar Sales up 5% over 1st Qtr 2013 figures.
Median Price changes for the 1st Qtr 2014 vs 1st Qtr 2013 were up in two of the five East End towns: to $988,000 in East Hampton (up 12.9%) – to $1,625,000 in Shelter Island (up 51.2%) on sales of 11 units, not statistically significant. Median Prices went down in Riverhead, to $310,000 (down 8.8% from 1st Qtr of 2013); to $809,000 in Southampton (down 3.1%) and to $440,000 in Southold (down 15.4%).
Unit sales increased in 4 of the 5 East End towns 1st Qtr 2014, compared to 1st Qtr 2013. Unit Sales in Shelter Island were down in 1st Qtr 2014 vs 1st Qtr 2013.
Residential Vacant Land (land use code 311) Dollar Sales were up 48.8.7% in 1st Qtr 2014 over 1st Qtr 2013, 115 parcels vs. 94 a year ago. Median price of Vacant Land was down 48.8% over the same period.
You can get the full report by clicking on this link.