The Corcoran Group has reported sales increases for the second quarter of 2014 and noted a persistent interest in the East End from buyers of both full-year residences and vacation homes.
On the South Fork, Corcoran reported a total sales increase of 24 percent over the same period a year ago, with 603 properties being sold as opposed to the 487 sold last year. Total sales volume increased 19 percent to $1.046 billion despite a 4-percent decrease in the average sale price and a 3-percent dip in the median price. Individually, East Quogue and Sag Harbor were the strongest performers, with respective sales increases of 56 percent and 44 percent.
The North Fork reported greater increases with closed sales rising by 50 percent, with 120 properties exchanging hands as compared to 80 in the second quarter of 2013. Sales volume boomed, increasing by 102 percent, while the average sale price rose by 35 percent, and median sale prices increased by 1 percent. Southold was the most prolific area on the North Fork, seeing a 100 percent increase in sales from last year.
Elsewhere, inventory saw a decline of 15 percent, to 6,862 units, the lowest level in five years. This continues a troubling trend, as demand continues to outpace supply throughout the East End.