August 2016 Staten Island Real Estate Market Recap

Posted by Tom Crimmins Realty on Wednesday, September 14th, 2016 at 3:27pm.

The chart above displays the total amount of sales that were made from August 2015 to August of 2016. This chart shows that 97 more homes were sold in August of this year, at least a 23.7% significant sale increase compared to August of last year. 

The average listing price has increased from $490,693 in August 2015 to $555,886 in August 2016. This was caused by the decrease of Current Inventory numbers from 2015 to 2016.

The average Days on Market (DOM) has decreased from 104 days in August 2015 to 88 days in August 2016.

 

The Current Inventory numbers have decreased from 2,626 houses in August 2015 to 1,976 houses in August 2016. This decrease lead to the increase in Average Listing Prices from 2015 to 2016.

In Conclusion, because there is less inventory, homes are spending less time on the market, and they are selling for on average more than $60,000 more than compared to last years. With the inventory stock down, competition among buyers is even higher, the market continues to grow, making now an excellent time to move to Staten Island. If you are looking to find out the value of your home: http://statenisland.freehousevalues.com/

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