Staten Island's real estate market is not slowing down. Prices hit an all-time high again in June. But are the fundamentals really there?
Based on the data we just received for the month of June, things are not robust in the seller's favor like they were last year. Active listings have slowly crept up, now at a two year high of 1,931. But closed sales lag behind last year, at just 383 homes closed on last month.
The average home sale price in June was $586,941. This is the highest we have ever experienced in the Staten Island market! And also about $20,000 higher than last month. However, prices are actually a trailing indicator. Because it takes around 3 months to close a home sale, this is more indicative of where the market was in March.
The amount of homes sitting on the market shows that the majority of homes listed are not ever selling. There is likely one main reason for this. And it becomes clear when we look at average list price.
The #1 error that sellers are committing: Overpricing their homes. The average active list price is $716,340. With homes selling for $110,000 less than the average listed home, sellers seem to be out of touch with what their homes are actually worth. That's why only 383 homes out of 1,931 listed are even selling at all!
So this is concerning to us as the market moves forward. Join Hannah Jay and Anthony Licciardello for the full market discussion on Facebook Live. If you want to sell, you won't want to miss this.