Home sales are soaring in the Hamptons — and now buyers who want more for their money are splurging on its traditionally less fancy neighbor, the North Fork, according to new market reports.
While the number of home sales jumped 38 percent on the South Fork (a k a the Hamptons), they skyrocketed 60 percent on the North Fork, according to the Corcoran Group, which compared the first quarter of 2013 to the first quarter of 2014.
Some North Fork areas like Greenport saw the number of sales rise 200 percent, from 10 to 30, while the number of sales in Cutchogue/Mattituck/Laurel rose 107 percent, from 27 to 56 sales.
“The East End is experiencing an incredibly active market, which we haven’t seen like this since 2006,” said Pamela Liebman, Corcoran’s CEO. “The lure of sand and beach are always a big draw. The North Folk is beautiful, but with better prices than the Hamptons.”
Douglas Elliman’s report found similar increases.
In the Hamptons, the number of sales jumped 52.2 percent, from 347 in the first quarter of 2013 to 528 in the first quarter of 2014.
On the North Fork, sales jumped 39.7 percent, from 78 in the first quarter of 2013 to 109 in the first quarter of 2014. The average sales price also increased significantly — 40.2 percent, from $1.21 million in the first quarter of 2013 to $1.7 million in the first quarter of 2014.