Island real estate slump continues

PETER BOODY PHOTO | The Shelter Island real estate numbers for 2011 showed no improvement over 2010, as reported last week in a Daniel Gale Sotheby’s summary.

Slumping numbers dominate the 2011 Shelter Island real estate statistical report released recently by Daniel Gale Sotheby’s International Realty.

Compared to the numbers for 2010, the “days on market” figure soared 57 percent, the number of sales slid 5.35 percent and the average price fell 17.5 percent, according to the company’s summary.

The average price of real estate sales in 2011 was $955,670 compared to $1,158,808, down 17.5 percent. The median price slumped from $922,500 to $775,000 and the highest price recorded during the year fell from $3.45 million in 2010 to $2.97 million in 2011.

Days on the market rose from 240 to 377 and the number of sales slipped slightly from 56 to 53.

If there was a glimmer of good news, it was the slight drop in inventory from 140 properties on the market in 2010 to 138 in 2011.

Another bright spot — relatively speaking — comes in comparing Shelter Island to the North Fork: its average price was the highest and its decrease in sales volume was the lowest in terms of percentage. New Suffolk’s figure also rose to a figure just below Peconic’s.

Annual figures for a comparison to South Fork numbers where prices are generally higher were not yet available.

The North Fork’s numbers were a mixed bag, with some increases in average sale prices reported in Aquebogue, East Marion, Jamesport, New Suffolk and Peconic, where the average price soared 10.6 percent to a figure just below Shelter Island’s.

As reported by Daneil Gale Sotheby, Aquebogue sales were down from 32 to 27 and the average price rose slightly from $469,240 to $492,622; Cut-chogue sales edged down from 30 to 29 and the average price slipped $804,366 to $741,704; East Marion sales were up from 7 to 11 with an average price up from $553,010 to $674,436; Greenport sales edged up from 28 to 30 while the average price slipped from $471,021 to $454,900; Jamesport sales fell from 21 to 15 as the average price rose slightly from $502,524 to $555.333; Laurel sales rose from 7 to 10 and the average price slumped from $554,986 to $460,900; Mattituck sales fell from 53 to 46 and the average price dropped from $650,780 to $539,285; New Suffolk sales dipped from 7 to 5 but the average price rose from $822,643 to $909,500; Orient sales edged down by 1 from 16 to 15 and the average price slipped from $887,344 to $819,067; Peconic sales dropped from 12 to 5 as the average price soared from $755,833 to $912,000; South Jamesport sales dipped from 56 to 53 and the average price rose from $418,167 to $516,700; and Southold sales fell from 90 to 83 and the average price dropped as well from $643,128 to $553,206.

The Daniel Gale Sotheby report does not include figures for the Hamptons. The Corcoran real estate group posts quarterly reports on South Fork and Shelter Island real estate sales but figures for the fourth quarter or a year-by-year comparison were not yet available.