October continued to be busier than the calendar normally suggests. Buyer
activity remains higher than normal for this time of year, while in many segments
of the market housing supply remains much lower than one year ago. Multiple
offers remain a common occurrence in many areas, keeping housing hot while
the temperatures continue to fall.
New Listings in Staten Island increased 0.6 percent to 629. Pending Sales were
up 47.2 percent to 583. Inventory levels fell 17.0 percent to 2,120 units.
Prices continued to gain traction. The Median Sales Price increased 4.5 percent
to $575,000. Days on Market was down 0.4 percent to 100 days. Sellers were
encouraged as Months Supply of Inventory was down 19.9 percent to 6.0
Mortgage rates dropped to new record lows again in October, helping to offset
the monthly mortgage payment increases caused by the rise in home prices
seen in many segments of the market across the country. While prices often dip
a bit in the winter months, continued buyer demand may temper any price
retreats this year.
|+ 30.9%||+4.5%||- 17.0%|
|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.|