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Elliman Report: North Fork Sales 3Q 2016

The number of sales in the North Fork housing market jumped as the price trend indicators slipped. There were 199 sales, up 19.9% from the prior year quarter and the most third quarter sales in over a decade. The increase in sales overpowered supply. Listing inventory fell 23.4% to 472 over the same period. As a result the pace of the market accelerated. The absorption period, the number of months to sell all inventory at the current rate of sales, declined to 7.1 months from 11.1 months in the year ago quarter, the second fastest quarter since 2008…

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