Home Values

Found 39 blog entries about Home Values.

(Above: Average sale price climb decelerating over the past two years)

 

The real estate market continues to level out this month in essentially every measurable way. It’s a far cry from what we saw during the same time last year.

This month’s sales dipped far below what they were last month, setting a new low for the past few years at just 259. Days on the market and cumulative days on the market are each up to a two-year high at 97 and 102 respectively.

We predicted monthly inventory to rise above six months, but did not expect to exceed seven this soon. Month’s inventory was 7.21- also the highest in more than two years. And inventory was up again to 1868, despite new listings actually being down from January.

Average Sale Price

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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

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We're back after our month hiatus!! Since Anthony's health has improved enough to return to work, we're making up for lost time with January's market report rundown before returning shortly to cover the market's performance in February.

January 2019 saw a huge drop in sales over the prior year, falling to just 307 homes sold. Though the price increased a few thousand since the prior month, it is up just $10,000 over the prior year. This shows that homes are holding their value and not falling in price necessarily, but not rising like they were in prior years. The last January year-over-year comparison saw a striking $60,000 increase in average sale price.

With sales down so much and inventory also back up at 1,868, all indicators but

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Are you somewhat mystified by looking at a CMA, aka Comparable Market Analysis? Since this packet can be lengthy and contain lots of information (and can be a bit tedious) we wanted to sit down and go over it with our viewers.

So what is a CMA? Essentially, it is a list of properties comparable to yours- we usually call these "comps." Comps should be located in the same neighborhood and share many of the same traits- square footage, number of bedrooms, garage or basement, and property condition to name a few. Comps should also be sold fairly recently since the real estate market is always changing. Your own home's price today is probably not the same as it was 4 years ago, so you should not be looking at comps that old in a CMA.

When a

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"The real estate market is changing."

It's a phrase we have been uttering for many months now, drawing in leading indicators to do so. But what does that mean for a seller? A homeowner who is unsure what to do when the wisdom learned over the past few years are suddenly invalid because everything is in a state of flux?

That's the topic of our latest live video discussion with PR Director Hannah Jay and RealEstateSINY.com Broker/Co-Owner Anthony Licciardello. This talk is designed for either someone getting ready to sell in a changing market, or somebody who has already struggled to generate interest in their home because the market is changing too fast to keep up.

We get into some of the reasons the market could be changing- largely,

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On the whole, US homeowners still routinely prefer detached homes. 82%, in fact, according to the US Census Bureau in 2015. Just 5.5% of US homeowners live in townhomes. But this is another story in metropolitan areas like New York.

Semi-attached homes, which refer to a dwelling that shares a common wall with another, are extremely popular in Staten Island and the outer New York City boroughs in general. This type of home, ideal for small urban and suburban land plots, has a rich and varied history of helping to meet housing demand in densely populated areas throughout the world.

 

A Brief History of Semi-Attached Homes

To accommodate growing populations and save on construction costs, semi-attached homes popped up all over Staten Island post

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Welcome to 2019! It's hard to believe we just finished off another year. Our year covering real estate and local events in Staten Island has taught us a few things, and we cover the past month and year in January's market discussion here via Facebook Live!

Now that we have December's numbers in, a clear price drop of about $10,000 was observed since the previous month of November's average. Current data for December puts the average sale price at $588,613. Up in the air was the question of whether or not average home sale prices on Staten Island WOULD top $600k by the end of 2018. Ironically, the adjusted average for November (numbers always fluctuate a little after the initial stats release) ended up being $599,999- the irony is real.

In

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This real estate market seems to get stranger and stranger. With prices reaching an all-time high yet again, sales are down and inventory is up. Days on the market are also up. This appears to contradict supply and demand- if homes are selling more slowly and inventory is fairly high, why then is the average price going up?

November's average home sale price came in at $597,426. This makes it very likely that sold prices will reach (or top) an average of $600,000 by the end of 2018.

Inventory is a different story though. It has remained basically unchanged for seven months in a row now at roughly 2,000 homes on the market. And sales are also down about 5% since last year. Just 360 homes sold on Staten Island last month. So why the high prices?

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We're back on the horse for our monthly real estate market discussion for Staten Island! This month was an odd one. Inventory was up but prices were also back to record highs. Normally the supply/demand curve should push prices down when supply is up, so what gives?

To lay things out: the average sale price in October was $582,619, on par with the record high price of $583,210 from June 2018. Yet inventory has plateued for six months straight around the 2,000 mark. Fewer homes are also selling each month compared with new listings, and sales are way down from last year. New and active listings are up even higher.

It's difficult to make sense of these numbers. But we have to keep in mind that the sample size (377 homes sold) is small- and

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Now the most recent home sales data for Staten Island is in! It is clear that while real estate prices are still very high, market activity is slowing down.

July's average home sale price was $586,155. While this is almost neck in neck with June's average sale price, the price is a trailing indicator since it takes 90 days to close on a typical home sale. The more important figure to look at is the active listings. With active listings at a 2 year high, this means homes are getting harder to sell.

There are certain aspects of the market slowdown that are harder to measure such as expired listings and price reductions. Anecdotally, our realtors have been noticing more price reductions on their listings and less interest in showings, resulting in

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