At this point in the year, we are getting a good sense for how the housing market is likely to perform for the foreseeable future. And although it is not a particularly exciting forecast, it is a desirable one. Markets across the country are regulating toward a middle ground between buyers and sellers. While it remains true that sales prices are running higher and that inventory options are relatively low, buyers are beginning to find wiggle room at some price points and geographies.
New Listings in Staten Island decreased 3.2 percent to 717. Pending Sales were up 3.5 percent to 438. Inventory levels rose 3.4 percent to 2,250 units.
Prices continued to gain traction. The Median Sales Price increased 2.6 percent to $556,500. Days on Market was up 21.1 percent to 102 days. Buyers felt
empowered as Months Supply of Inventory was up 10.2 percent to 6.3 months.
An extended trend of low unemployment, higher wages and favorable mortgage
rates has been a terrific driver of housing stability in recent years. What is different about this year so far is that prices are not rising as quickly. Some of
the hottest Western markets are even cooling slightly, while some Northeast markets are achieving a state of recovery after a decade of battling back from
recession. As a whole, the selling season is looking fairly stable across the nation.
|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.