May 2014 Real Estate Data Begin To Show Things Back in Line from April on Staten Island
Posted by Anthony Licciardello on
This past month's real estate numbers are notably less concerning than April's, but still strange upon detailed examination.
To begin, current days on the market averaged just 138, which is lower than we have seen in seven months, when the number fell to 135 in October. This beat last month's already low 149, and fell 25% from 183 days in May 2013. This is also among the lowest we have seen in several years; homes are selling so fast, it is difficult to keep them in stock.
This increase in sale speed is coupled with a slight price increase over the prior month. Homes in May fetched a median sale price of $380,000, compared to the previous month's $368,250. However, this number is far lower than last year's $415,000 by more than 8%. The percentage of…
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Mortgage rates have seesawed back and forth in March but have remained relatively stagnant. Fortunately, sales have gone up fifteen percent from the month before, with 223 homes sold in March. When compared to last year (pre-Sandy) the numbers are seemingly on track for a strong spring/summer sales period, although difficult to accurately compare with this exact time last year due to the devastation of Hurricane Sandy.Â