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.|