Here’s a snapshot of the Greenport real estate market so far for 2016:
After the market recovered from the mortgage bubble burst and the economic downturn in 2006, prices have been steadily ticking up, and the old adage holds true — they will almost certainly never again be as low as they are now. In Greenport, the 2016 median first-quarter sale price was $515,000, up from $449,000 the same time last year, according to an April report by The Corcoran Group. The mild weather in the first months of 2016 warmed the market early, too, with total first-quarter sales at 14.64 million, as compared to $5.74 million first-quarter last year.
The relatively quiet North Fork is increasingly popular, the Hamptons are ever more outrageously expensive, and the well-to-do are taking note. This year, realtors say that the high-end market of the market is seeing more activity, a change from last year, when more modest homes dominated the demand. The numbers back that up – the average Greenport sale price for 2016 first quarter was $637,000, up from $478,000 in the first quarter of 2015.
Greenport buyers typically want charm, good bones and a chance to do some renovations to create weekend/vacation places, as few buyers are year-round residents. Houses with period architecture, like the Victorian and Federal-style homes, and the Craftsman cottages are particularly sought-after. The market is also driven by short-term rentals, but this might not last. New laws are expected within the next year or two that would enforce a minimum rental time, and address nuisance and disturbance, as the number of complaints has greatly increased.
Regionally, agents say inventory is low and new stock is not keeping up with sales. This means that it’s now a sellers’ market, and that probably won’t change any time soon. All good news for the future of Greenport!