Strong buyer activity has continued into the fall, which is normally the start of the seasonal slowing of the housing market. With stronger buyer activity in the market this year and the continued constrained supply of homes for sale, speedy sales and multiple offers are likely to remain a common occurrence and will keep the housing market hot even when the weather is cooling.
New Listings in Staten Island increased 15.5 percent to 678. Pending Sales were up 77.4 percent to 582. Inventory levels fell 15.0 percent to 2,191 units.
Prices were even with last year. The Median Sales Price held steady at $560,000. Days on Market was up 16.8 percent to 105 days. Sellers were encouraged as Months Supply of Inventory was down 15.1 percent to 6.4 months.
While mortgage rates remain near record lows, The Mortgage Bankers Association reports that lending standards are tightening, which makes it a bit more difficult for some buyers to qualify. At the same time, unemployment remains substantially higher than a year ago due to COVID-19. Despite all this, buyers are out in full force this fall, showing amazing resilience in the middle of a pandemic.
|One-Year Change in Closed Sales
|One-Year Change in Median Sales Price
|One-Year Change in Inventory
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