January started off strong for the housing market, with healthy buyer demand
and strong market fundamentals. A robust increase in housing starts in
December points to an active year for new construction, but higher material
costs, especially lumber, and a limited supply of buildable lots will temper the
number of new units.
New Listings in Staten Island decreased 17.2 percent to 496. Pending Sales
were up 35.9 percent to 390. Inventory levels fell 28.1 percent to 1,572 units.
Prices continued to gain traction. The Median Sales Price increased 5.7 percent
to $581,000. Days on Market was down 8.8 percent to 99 days. Sellers were
encouraged as Months Supply of Inventory was down 33.8 percent to 4.1
The Mortgage Bankers Association’s January research estimates approximately
2.7 million homeowners with mortgages are currently in forbearance plans.
Some of these homes may eventually come to market, but given the strong
appreciation in most market segments in recent years, these eventual home
sales are likely to be mostly traditional sellers. However, a modest increase in
short sales and foreclosures at some point this year would not be surprising.
|+ 34.2%||+5.7%||- 28.1%|
|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.|
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