(Pictured above: Monthly home sales have dropped precipitously over the last few months in the Staten Island market)
Home sellers have been reluctant to accept the market slowdown, insisting that prices are still up over the last year. That is now no longer the case.
The average home sale price in March came in at $570,088. This is down $13,426 from the prior month and $4,171 lower than one year ago.
Not only are prices down, but other indicators have also slowed considerably. March had only 261 closed sales, the lowest in 2+ years and down from 322 last March. Sold to list price ratio is down to 96.2%, tied with the prior month for a two-year low.
Month’s inventory is up to 7.46, another two-year high. This means it would take 7 1/2 months to…