The new year has finally arrived, and with the hopes of a strong 2023, we turn our attention to the real estate market. After a few years of unpredictability, we are all eager to know what changes lie ahead for Long Island. To gain some valuable insights, we reached out to some of the top agents in the area and asked them to share their predictions for the Island's real estate market in the coming year.
Peggy Moriarty: A Dearth of Inventory
Peggy Moriarty
Peggy Moriarty, from Daniel Gale Sotheby's International Realty in Cold Spring Harbor, points out that the main challenge in the Long Island market is the lack of available properties. She mentions that there is a long list of eager buyers waiting for the right product to come along. Properties priced under $1 million in good condition are likely to sell quickly. However, there is a shortage of inventory between $1 million and $2 million. Peggy also highlights the current market stalemate, where people want to sell but struggle to find a suitable place to relocate. She believes that the market will remain strong, but an increase in inventory is necessary to meet the high demand.
Abigail Mago: Fire Island's Resilient Market
Abigail Mago
Abigail Mago from Fire Island Sales & Rentals shares her positive outlook for the Fire Island real estate market. Despite the negative headlines, she highlights the record low inventory and the continuous growth in prices. While the pace of price increases may slow down compared to previous years, Abigail remains optimistic. She predicts a decline in the number of transactions due to the limited inventory. Fire Island offers a great value proposition compared to the expensive Hamptons market, making it an attractive option for buyers seeking luxury properties at a more affordable price.
Michael Stanco: Resilient and Desirable Long Island
Michael Stanco
Michael Stanco, the principal of the Stanco Misiti Team at Compass, emphasizes the resilience of the Long Island market, particularly on the North Shore of Nassau County. He suggests that future pricing will be influenced by supply limitations in certain submarkets. Michael advises both buyers and sellers to seek guidance from experienced realtors who can navigate the complexities of property negotiations. He mentions that values have stabilized and remain strong, while the migration from Manhattan and the boroughs continues to drive demand. Michael believes that Long Island's beauty and high quality of life make it a desirable option for buyers across all price ranges. Increasing housing supply will be crucial to keep buyers engaged, and he highlights The Residences at Glen Harbor, a new waterfront condo building developed by Racanelli Construction Co Inc., as an example of expanding housing options on the North Shore.
Michael Petersohn: Optimism for Local Markets
Michael Petersohn
Michael Petersohn from Brown Harris Stevens in East Hampton expresses his excitement for the real estate market in 2023. While national predictions may lean towards gloom and doom, he remains optimistic about the local markets. Michael highlights three factors that will contribute to steady or growing prices this year. Firstly, the supply chain is catching up, and inflation is decreasing, which will potentially lead to falling prices in stores like Home Depot. Secondly, Wall Street bonuses, albeit slightly lower, are expected to inject a significant amount of money into the market. Lastly, the lack of supply in the market is likely to continue, as the anticipated flood of new listings did not materialize. Michael believes that these factors will have a positive impact on prices and urges potential buyers to act swiftly.
Sheri Winter Parker: Opportunities Ahead
Sheri Winter Parker
Sheri Winter Parker from The Corcoran Group in Cutchogue sees many opportunities as we enter 2023. She notices a recent uptick in activity, with clients actively looking to buy and sellers planning to list their homes in the early part of the year. Sheri believes that pricing accurately and working with seasoned agents who understand the intricacies of different market conditions will be essential in the coming year. She expects conditions to remain stable, with unique and special properties performing particularly well. In addition, Sheri predicts that East End rentals will fare better than they did in the previous year, as more people seek a getaway closer to home after a year of extensive international travel.
With these insights from Long Island's top real estate agents, 2023 promises to be an exciting year for the local market. While challenges like inventory shortages persist, there are plenty of opportunities and reasons for optimism. Whether you're planning to buy, sell, or invest in Long Island real estate, it's crucial to stay informed and work with experienced professionals who can guide you through these dynamic times.
