Recent activity gives a clear rule of thumb for anyone trying to avoid waiting too long and paying too much.
If you are debating whether to keep waiting or start looking seriously, I would not stretch that decision without a plan. In Southold, NY, recent supply stayed below four months, which tells me selection is present but not loose enough to reward hesitation by default.
Looking at recent closed numbers, supply stood at 3.89 months and only 35 homes were active at month end in Southold, NY. Eight homes moved into contract over the same period, and the typical home that went pending did so around a list price of $1,098,750. That tells me buyers have options, but not an endless shelf of choices.
My read is that waiting only helps if you are using the time to get more precise. The typical closed price was $1,049,000, while active homes carried a typical asking price of $1,850,000, so there is a wide spread between what is available and what is actually closing. In Southold, NY, that is a cue to separate aspirational pricing from attainable targets before you waste weekends touring the wrong inventory.
Set a hard purchase range based on recent closed pricing, not just current asking prices. Prioritize homes that have been sitting longer, because a typical active listing had been on the market 112 days recently. Move quickly when a property lines up on condition and price. For sellers watching this same market, disciplined buyers are exactly why overpricing can backfire.
