Inventory is down, prices are up, and sold listings are up too. The market is still clearly in favor of sellers. But for how long?
This past month, the average home sale price rang in at $653,519. Prices have been rising ever since the pandemic started last year, when home prices were $608,817. In a year, home prices have increased 7.5%.
Active listings fell 19% since last year too. There are currently only 1,517 homes for sale in Staten Island; last year 1,874 properties were available. Housing supply has now dwindled every month for an entire year since lockdown ended last June 2020. A tighter supply will of course increase demand, and the amount of new listings has not been keeping pace with the rise in sales.
In the month of May…