After a strong start to the year, the latter part of the First Quarter of 2020 was certainly affected by the Covid-19 pandemic and its associated slowdown of nearly all business activity.
However, the full impact on the economy at large and the local real estate market in specific won’t be fully evident until the end of the Second Quarter of 2020.
The total number of 2020 South Fork sales declined 9.5% compared to 1Q19 (249 in 2020 vs. 275 in 2019).
But due to an increased share of sales above $10M, the total dollar volume jumped 17.1% to $634,764,397.
This in turn led to a rise in the 1Q20 average sales price, which was up 29.3% to $2,549,255, while the median price was nearly unchanged (-0.4%) at $1,195,000.
