While the stock market recovered significantly in March, the effects of COVID-19 to the economy continue to build. In just the last four weeks, more than 20 million people filed initial unemployment claims according to the United States Department of Labor, fueled by stay at home orders and a slowdown of economic activity across the country. Added to the unemployment claims from March, more than 30 million people have become unemployed since COVID-19 has become widespread in the U.S. In the face of these challenging times, real estate activity in April slowed significantly.
New Listings in Staten Island decreased 87.3 percent to 96. Pending Sales were down 67.9 percent to 125. Inventory levels fell 30.9 percent to 1,684 units.
Prices continued to gain traction. The Median Sales Price increased 9.6 percent to $570,000. Days on Market was up 6.0 percent to 110 days. Sellers were encouraged as Months Supply of Inventory was down 26.8 percent to 5.1 months.
While the effect of COVID-19 continues to vary widely across the country, it is expected that social distancing, higher unemployment, and lower overall economic activity is likely to continue to constrain real estate activity in the near term. At the same time, the industry is adapting to the current environment by conducting business using technologies such as virtual showings and e-signing to help buyers and sellers with their housing needs in the face of these challenges.
|+ 7.3%||+ 5.5%||- 8.0%|
|One-Year Change in Closed Sales||One-Year Change in Median Sales Price||One-Year Change in Inventory|
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