Normal spring increases in sales activity, coupled with relaxing COVID-19 policies, created a very busy March real estate market as buyer demand continued largely unabated in the face of rising home prices and mortgage
Existing home seller and new construction activity continue to remain below levels necessary to bring the market back into balance, pointing to a busy and competitive buyer market in the coming months.
New Listings in Staten Island increased 40.0 percent to 630. Pending Sales were up 88.9 percent to 510. Inventory levels fell 36.2 percent to 1,428 units.
Prices continued to gain traction. The Median Sales Price increased 4.6 percent
to $575,000. Days on Market was down 11.1 percent to 103 days. Sellers were encouraged as Months Supply of Inventory was down 45.7 percent to 3.5 months.
While many homebuilders are working to increase their activity, the cost of lumber and other materials and a backlogged supply chain continue to limit new home construction and have increased costs substantially. New methods of construction, including 3d printed homes, could speed construction and reduce
costs in the future, but realistically are several years away from making a measurable impact in the market.
|+ 65.8%||+4.6%||- 36.2%|
|One-Year Change in Closed Sales||One-Year Change in Median Sales Price||One-Year Change in Inventory|
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