MARKET TRENDS - AUGUST 2017
August tends to mark the waning of housing activity ahead of the school year. Not all buyers and sellers have children, but there are enough parents that do not want to uproot their children during the school year to historically create a natural market cooldown before any actual temperature change. Competition is expected to remain fierce for available listings. Savvy sellers and buyers know that deals can be made well into the school months, as household formations take on many shapes and sizes.
New Listings in Staten Island increased 21.1 percent to 573. Pending Sales were up 21.0 percent to 508. Inventory levels fell 10.8 percent to 1,567 units.
Prices continued to gain traction. The Median Sales Price increased 16.3 percent to $535,000. Days on Market was down 16.7 percent to 75 days. Sellers were encouraged as Months Supply of Inventory was down 14.1 percent to 4.1 months.
The prevailing trends lasted through summer. This was expected, since there have not been any major changes in the economy that would affect housing. Factors such as wage growth, unemployment and mortgage rates have all been stable. Every locality has its unique challenges, but the whole of residential real estate is in good shape. Recent manufacturing data is showing demand for housing construction materials and supplies, which may help lift the ongoing low inventory situation in 2018.
|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