How’s the market on Staten Island?

 

The most common question I am asked is “Joe how’s the market?”  I am going to update this question on my site and report the quarterly update on how the market is performing on Staten Island. As always if you have any further questions feel free to contact.

March April May 2010 vs 2011

The latest report reflects a large drop in sales in May (25%) compared to the same time last year following three months where sales were about equal with last year.  Overall for the year, sales are down 12%.  Prices are holding steady, though, with sales prices even for the three month average and only down 1.6% year to date. The negative may be that selling price stability may indicate that seller's are sticking to unreasonable prices, which is resulting in those lower sales numbers.
 
Listings going under contract are down 15% for the three months and year to date.  Listing prices are flat also indicating that sellers are sticking to their guns and attracting less interest from buyers.  All categories but Two Family Semi and COOP are running negative "Under Contract" numbers
 
The result of the above is an increase in active inventory despite a slight drop in new listings.  Combined with lower sales in May, this results in an unhealthy 18.7 months of inventory at current sales rates.
 
The key words here must be "Uncertainty and Unwillingness." Buyers are uncertain about the future and sellers are unwilling to take perceived losses.
 
If you would like to see where your home stands in this market I would be happy to show you. If you would like to see how much house you can afford I offer a 30 minute buyer consult.

Have a great summer!