In 2019 home prices were up again in most markets. Buyer demand continues to be strong but with tepid seller activity still in many locations, total sales are lower than they would normally be in a more balanced market. While up from their recent lows a few months ago, mortgage rates end the year close to threequarters of a percent lower than a year ago, helping to improve affordability and offset rising home prices.
New Listings in Staten Island decreased 8.4 percent to 252. Pending Sales were up 29.0 percent to 329. Inventory levels fell 4.8 percent to 1,821 units. Prices were a tad soft. The Median Sales Price decreased 3.1 percent to $540,000. Days on Market was up 19.3 percent to 106 days. Sellers were encouraged as Months Supply of Inventory was down 5.4 percent to 5.1 months.
With low mortgage rates, low unemployment, and continued wage growth, home buyer activity is expected to remain healthy into the new year. New construction has been on the rise in 2019 and is expected to continue into 2020, but many experts note that the country is still not building enough new units to quench demand. It remains to be seen whether existing homeowners will be enticed to sell by higher home prices, which could finally bring the overall
housing market into greater balance.
|+ 5.1%||- 3.1%||- 4.8%|
|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.|