November 2016 Staten Island Real Estate Market Recap

Posted by Tom Crimmins Realty on Wednesday, December 7th, 2016 at 3:28pm.

Staten Island real estate market is still going strong in the seller's market. There may be fewer homes, but sales are higher than ever! Here are the statistics for November 2016 & 2015:

The chart above displays an average sale price increase of $50,000 for November 2016, an 11.04% increase compared to November 2015. This is most likely caused by the decrease in inventory as shown below.

With the decrease in inventory as displayed above, the average listing and sale price for November 2016 have increased substantially and cut time spent on the market by approximately 20%.

As shown above, the time spent on market has decreased and the number of monthly sales has increased.

In Conclusion, because there is less inventory, homes are spending less time on the market, and they are selling for on average roughly $50,000  more than compared to last years. With the inventory stock down, competition among buyers is continuing to rise, and the market continues to grow, making now an excellent time to move to, or invest, in Staten Island. If you are looking to find out the value of your home, try here: http://statenisland.freehousevalues.com/

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