Prices Fall, Activity Slows- 2018 Recap and Market Predictions for 2019 [FACEBOOK LIVE]

Posted by Anthony Licciardello on Monday, January 7th, 2019 at 10:49am.

 

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 addition to the monthly coverage, we reflect on the whole year, what trends we saw, and what we each predict for 2018. Prices did still rise substantially, but at a slower clip than 2017 and 2016. This is driven by a decline in foreign investment largely. In addition, Staten Island has been experiencing a high volume of expired listings and an increase in active listings. This shows that sellers may still believe the market is rising higher than it actually is and may be out of touch with what their home is actually worth to buyers.

We also recap our Top 5 events that shaped Staten Island in 2018. We chose some of the biggest news stories which surprised us all, positive and negative- can you guess what they are? (Hint: politics! Another hint: developments going under!)

Join RealEstateSINY Broker/Co-owner Anthony Licciardello and PR Director Hannah Jay for a spirited discussion after Anthony thankfully recovered from a serious health issue! We're glad to be back. Watch the video above for the full discussion.

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