The Current Inventory numbers have increased from 2,187 houses in July 2017 to 2460 houses in July 2018. This increase lead to the increase in Average Days on Market 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 July 2017 to July of 2018. This chart shows that 52 more homes were sold in July of this year, at least a 13.97% significant sale increase compared to July of last year.
The average listing price has increased from $558,127 in July 2017 to $626,488 in July 2018. This was caused by both the increase in Days on Market and the increase in the Current Inventory when compared to 2017.
The average sale price of homes has significantly increased from $540,377 in July 2017 to $608,119 in July 2018. This was also caused by both the increase in Days on Market and the increase in the Current Inventory, because not only were buyers taking more time to decide on their purchase, there was also a larger inventory for them to choose from, which resulted in spending more for their desired home.
The Average Days on Market (DoM) has shown a slight increase from 71 days in July of 2017 to 79 days in July of 2018.
In Conclusion, because there is more inventory due to the extended amount of time properties are spending on the market, buyers are spending more time choosing the home of their dreams. Although this does slow down in selling your property, its selling for more than ever, making now an excellent time to sell on Staten Island, especially if you are an investor. If you are looking to find out the value of your home: http://statenisland.freehousevalues.com/. If you are a buyer, although prices seem high, there's an even greater variety of homes on the market, and finding your dream home couldn't be easier. 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!