Now that February's full stats are in, we were able to sit down and break them down for Staten Islanders in our latest Facebook live stream. This month had a few smoking guns!
Several of our market indicators were the slowest economic markers we have seen in 2-3 years. To start, home sales fell to an astounding 259. That's just 259 homes sold in the entire borough of Staten Island for the whole month! Comparing that to last February when 320 homes sold, this represents a 19% drop.
Cumulative days on the market is also at a two-year high. Homes take an average of 102 days to sell at this time. Last year, CDOM was 16 points lower at 86 days. So fewer and fewer homes are selling, plus they are selling more and more slowly.
SO... the fact that prices increased sounds pretty confusing and strange! Average sale price increased to $585,697 up from $578,379 in January and $565,757 one year ago. You may be wondering why prices are still up when things are supposedly slowing down!
Broker/Co-Owner Anthony Licciardello and PR Director Hannah Jay sit down and discuss the market slowdown and the reasons why the average price increased (but only slightly).
We also talk about a new report showing that Chinese foreign investments in the US have dropped by 83%. Released by law firm Baker McKenzie, this report also shows US investments by the Chinese have fallen a shocking 89% from their peak in 2016 of $45.6 billion.
What does this mean for the New York City market, which is largely investment driven? We get into all of this and more in our latest live stream which can be viewed above. Join us!