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 we also have almost nothing selling for under $200,000. So while average prices are definitely up over last year, there are still tons of reductions taking place and all one has to do is look at MLS to see it.
Here in our monthly market report discussion via Facebook live, Anthony Licciardello and Hannah Jay chat about the state of the market recently and what we can make out of the data we have available, along with some of our realtor's observations.
We also talk about some more big news, which is that Staten Island's congressional district NY-11 was flipped in the Midterms! We discuss Max Rose's campaign strategy, specifically in digital marketing, and how it was so effective in pulling a victory of Republican incumbent Dan Donovan.
With some fun interaction with our agents and others via live comments, our hosts have fun as always while keeping the audience informed.