August 2018 Staten Island Real Estate Market Recap

Posted by Tom Crimmins Realty on Friday, September 14th, 2018 at 2:21pm.

The Current Inventory numbers have increased from 2,286 houses in August 2017 to 2514 houses in August 2018. This increase lead to the decrease in the Average list price in 2018, as there is a larger market for buyers to choose from.

The chart above displays the total amount of sales that were made from August 2017 to August of 2018. This chart shows that 47 less homes were sold in August of this year, at least a 9.36% significant sale decrease compared to August of last year. 

The average sale price of homes has slightly decreased from $571,582 in August 2017 to $560,994 in August 2018. This was also caused by both the decrease in Days on Market and the increase in the Current Inventory, because the market has started to shift slowly from a sellers market to a buyers market, there was a larger inventory for them to choose from, so although buyers are still competing for their dream homes, thanks to the larger inventory they can more easily sift through the available homes to find the one they desire.

The average listing price has decreased from $596,040 in August 2017 to $581,137 in August 2018. This was caused by both the decrease in Days on Market and the decrease in the Average Sale Price when compared to 2017.

The Average Days on Market (DoM) has shown a slight decrease from 72 days in August of 2017 to 67 days in August of 2018.

In Conclusion, because there is more inventory, and properties are spending less time on the market, buyers are spending more time choosing the home of their dreams. Although this normally slows down selling your property, thanks to the average list and sale prices being lower than in previous years,buyers are being more aggressive in their home purchasing decisions, making now an excellent time to sell on Staten Island. If you are looking to find out the value of your home: If you are a buyer, prices are coming down and there's an even greater variety of homes on the market, making finding your dream home easier than ever! We here at Tom Crimmins Realty are willing to work hand in hand with you, getting you the best price for the home of your dreams!


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