The housing and stock markets continue to be the leaders in the economy. In August, showings and pending sales remained at strong levels while housing inventory remained limited, continuing the competitive bidding market we have seen in recent months. With the stock indexes at or near record highs as mortgage rates remain near record lows, signs point to a busy fall housing market.
New Listings in Staten Island increased 36.0 percent to 756. Pending Sales were up 68.0 percent to 635. Inventory levels fell 12.1 percent to 2,298 units.
Prices were a tad soft. The Median Sales Price decreased 3.4 percent to $560,000. Days on Market was up 45.7 percent to 129 days. Sellers were encouraged as Months Supply of Inventory was down 6.8 percent to 7.2 months.
As we look towards the fall, we normally see housing activity begin to slow a bit as the back-to-school season begins, but this year is far from normal. While uncertainty remains on what effects the upcoming elections and any seasonal resurgence of COVID-19 may have on the financial and housing markets, the healthy housing demand we see today will create significant tailwinds in the near term.
|- 43.4%||-3.4%||- 12.1%|
|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.|