Single-family home prices continue to climb across the East End — except in Riverhead, where the median home price is near its lowest since the 2008 crash. Through Sept. 30, the median price of a single family home in Riverhead was 25 percent lower than in 2007.
Overall, the real estate market on the East End is showing a “healthy trend,” according to George Simpson of Suffolk Research Service, which late last month released market data figures for the the third quarter (July-September) of 2014. In the five East End towns, two of the three market indicators are up in the third quarter this year compared to the same period in 2013: Median price is up 5.6 percent and dollar sales are up 4.7 percent, according to the report. Unit sales fell 1.2 percent year-to-year, but are up significantly over the third quarter of 2012.
Median home prices saw double-digit percent increases in Southold, East Hampton and Shelter Island and were up by 7.4 percent in Southampton.
In Riverhead, however, the median price of a single family home fell 3.2 percent below what it was in the third quarter of 2013, to $338,000. That’s close to the lowest third-quarter median home price in Riverhead since the bottom fell out of the real estate market in the global economic crisis touched off in September 2008; the lowest third-quarter median price was in 2011, at $325,000.
The number of homes sold and the overall dollar sales this quarter in Riverhead also fell compared to the same period in 2013, according to the report. But both unit sales and dollar sales in Riverhead were up substantially over 2012.
Year-to-date in Riverhead, the median price of a single family home sold was $325,000 through Sept. 30 — a 25 percent decline since the crash.
The median price of a single family home sold in Southold during the third quarter was $480,000, up nearly 12 percent compared to the median price for the third quarter 2013.
Year to date in Southold, the median price of a single family home sold was $469,000 through Sept. 30 — down 10.6 percent compared to 2007.
Single Family Home Prices
| YEAR | Southold Median Price |
Riverhead Median Price |
|---|---|---|
| 2004 | 440,000 | 353,500 |
| 2005 | 490,000 | 371,380 |
| 2006 | 500,000 | 430,000 |
| 2007 | 525,000 | 432,500 |
| 2008 | 500,000 | 409,000 |
| 2009 | 462,500 | 355,000 |
| 2010 | 440,000 | 362,500 |
| 2011 | 440,000 | 338,000 |
| 2012 | 435,000 | 320,000 |
| 2013 | 459,500 | 345,000 |
| 2014 | 469,000 | 325,000 |
Current through Sept. 30, 2014
Source: Suffolk Research Service
RIVERHEAD TOWN – 3rd Quarter Comparison:
Single-family homes
| 3d Quarter YEAR |
Median Price ($) |
Dollar Sales ($Millions) |
Unit Sales | % Change Median Price |
% Change $ Sales |
|---|---|---|---|---|---|
| 2007 | 475,000 | 47 | 100 | – | – |
| 2008 | 449,000 | 38 | 78 | -5.5 | -19.1 |
| 2009 | 350,000 | 29 | 82 | -22.0 | -24.3 |
| 2010 | 396,500 | 31 | 80 | 13.3 | 7.0 |
| 2011 | 325,000 | 26 | 68 | -18.0 | -16.9 |
| 2012 | 355,000 | 33 | 88 | 9.2 | 26.8 |
| 2013 | 350,000 | 46 | 122 | -1.4 | 42 |
| 2014 | 338,000 | 40 | 105 | -3.2 | -13.6 |
Source: Suffolk Research Service
SOUTHOLD TOWN – 3rd Quarter Comparison:
Single-family homes
| 3d Quarter YEAR |
Median Price ($) |
Dollar Sales ($Millions) |
Unit Sales | % Change Median Price |
% Change $ Sales |
|---|---|---|---|---|---|
| 2007 | 525,000 | 89 | 124 | – | – |
| 2008 | 460,000 | 59 | 96 | -12.4 | -33.6 |
| 2009 | 500,000 | 38 | 61 | 8.7 | -36.3l |
| 2010 | 490,000 | 52 | 85 | -2.0 | 36.8 |
| 2011 | 440,000 | 42 | 79 | -10.2 | -19.4 |
| 2012 | 480,000 | 65 | 104 | 9.1 | 55.7 |
| 2013 | 429,000 | 72 | 127 | -10.6 | 10.9 |
| 2014 | 480,000 | 88 | 130 | 11.9 | 21.5 |
Source: Suffolk Research Service