Market Trends - November 2016
The story has remained consistent as concerns residential real estate. In year-over-year comparisons, the number of homes for sale has been fewer in most communities. Meanwhile, homes are selling in fewer days and for higher prices. This hasn’t always been the case, but it has occurred with enough regularity and for enough time to make it a trend for the entirety of 2016.
New Listings in Staten Island remained flat at 364. Pending Sales were up 1.2 percent to 337. Inventory levels fell 36.0 percent to 1,256 units.
Prices continued to gain traction. The Median Sales Price increased 14.3 percent to $480,000. Days on Market was down 14.5 percent to 89 days. Sellers were encouraged as Months Supply of Inventory was down 43.5 percent to 3.4 months.
Financial markets were volatile in the days surrounding the presidential election, but they self-corrected and reached new heights soon after. Long-term indicators of what it will be like to have a real estate developer for a president remain fuzzy, but the outcome is not likely to be dull. Prior to the election, trend
shift was hard to come by, and unemployment rates have not budged since August 2015. Post-election, mortgage rates are up and so are opinions that a trend shift is likely in the near future.
|+ 15.1%||+ 14.3%||-36.0%|
|One-Year Change in Closed Sales||One-Year Change in Median Sales Price||One-Year Change in Inventory|
|Click here for full report about the entire Staten Island housing market.|
Click links below for detailed housing information on the different geographic areas of Staten Island:
East Shore – Includes data from Arrochar, Grasmere, Old Town, South Beach, Dongan Hills, Dongan Hills below Hylan, Grant City and Midland Beach
Gateway – Includes data from New Dorp, Oakwood, Oakwood Beach, Oakwood Heights, Bay Terrace, Great Kills and Eltingville
Greater St. George – Includes data from Ft. Wadsworth, Concord, Shore Acres, Rosebank, Clifton, Stapleton, Thomkinsville, St. George, Ward Hill, Park Hill and Grymes Hill
Heartland – Includes data from Willowbrook, Manor Heights, Bulls Head, New Springville , Heartland Village, Travis and LaTourette.
North Shore – Includes data from New Brighton, Snug Harbor, Livingston, Randall Manor, West Brighton, Port Richmond, Mariners Harbor, Graniteville, Arlington, Bloomfield and Elm Park
South Shore – Includes data from Annandale, South East Annandale, Arden Heights, Rossville, Woodrow, Huguenot, Princess Bay, Pleasant Plains, Charleston, Richmond Valley and Tottenville
The Hills – Includes data from Emerson Hill, Todt Hill, Lower Todt Hill, Light House Hill, Richmondtown, High Rock, Dongan Hills Colony and Emerson Hill
The Lakes – Includes data from Westerleigh, Sunset Hill, Sunnyside, Royal Oak, Silver Lake, Clove Lakes and Castleton