Jersey Shore real estate


Prices came back up again this past month in Staten Island. Despite a small slip in early fall, the average home in Richmond County now sells for $666,041. For the past six months now, home prices have stabilized around the $660,000 mark.

On the other hand, our new ventures into New Jersey have opened up an entirely different market. By contrast, the New York City market has been on a steady climb in recent years. Home prices on the Jersey Shore have been more volatile. Here, buyer activity is off the charts (literally).

In Monmouth and Ocean Counties, real estate now sells for above 100% of its asking price. Even in the hottest months, Staten Island homes have always sold at a slight discount from list price for as long as we have been…

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13 Vassar Street-- Hosted tour and aerials by Prodigy Real Estate! Tour this home inside and from above, with a sparkling pool and stunning one bedroom tenant apartment. This New Springville home is priced right and ready for viewing! Annmarie Triolo NYS Licensed Real Estate Broker Office: (718)-701-5626 Cell: (917)-836-1594 annmarie@prodigyre.com Lisa Bruno NYS Licensed Real Estate Salesperson Office: (718)-701-5626 Cell: (917)-693-9438 agentlisabruno007@gmail.com

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Based on the low number of closed sales and increased listing prices, it seems the real estate market has leveled off more than sellers are willing to accept.

Like last month, we again saw a 19% drop in home sales over the same time last year. April 2019 came in with just 272 home sales compared to 336 in April 2018. Active inventory is up 21% since last year, rising from 1,749 to 2,119.

Higher available inventory means more seller competition, and therefore lower prices, right? Well no, as it turns out. List prices just keep going up. Newly listed properties averaged $702,613, an almost $40,000 increase over last year’s average of $664,454. The kicker? Homes sold for only $555,891 last month.

With an average list price of $709,109 for all…

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This week we sat down and went through the ins and outs of buying a home for the first time. It's a scary and nervous time for many, but also an exciting one. Finally, a place to call your very own! So, how do you get there?

Using his more than 10 years experience selling real estate in the Staten Island area, broker and co-owner Anthony Licciardello goes into some horror stories from the vault and gives some warning signs you should see as red flags right away!

We talk about mortgage programs around the US that are designed to help you afford your first home, though we mostly focus on the Staten Island and New York City markets.

Also discussed is the current state of the market and whether it is favorable to buyers or sellers. We talk…

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After a bit of a hiatus, we finally sat down to talk the latest real estate market data we have- and much of it will surprise you!

There's a lot to unpack here. First, the average home sale price of $570k fell over the previous month, and last year. This is the FIRST time this has happened in several years, and offers pretty strong proof that the market has slowed down. For the last six months, prices had fluctuated but still remained higher than the previous year.

We also had just 261 sales last month! Again, the slowest activity we have seen in 2+ years, this time when it comes to sales volume. We do have a good clue as to why this is happening. Even though the average sale price is $4k LESS than last year, the average new list price is…

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(Pictured above: Monthly home sales have dropped precipitously over the last few months in the Staten Island market)

Home sellers have been reluctant to accept the market slowdown, insisting that prices are still up over the last year. That is now no longer the case.

The average home sale price in March came in at $570,088. This is down $13,426 from the prior month and $4,171 lower than one year ago.

Not only are prices down, but other indicators have also slowed considerably. March had only 261 closed sales, the lowest in 2+ years and down from 322 last March. Sold to list price ratio is down to 96.2%, tied with the prior month for a two-year low.

Month’s inventory is up to 7.46, another two-year high. This means it would take 7 1/2 months to…

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In the Staten Island market, Chinese buyers have shown the most interest in properties near the Verrazano-Narrows Bridge

 

Foreign investment activity can be a litmus test for the real estate market conditions. And lately, it has practically slowed to a crawl.

Over the past several years in New York City, real estate has been heavily propped up by Chinese investments. This has been a major vehicle driving more intense bidding wars and rising prices, particularly through the period of 2015-2017.

The New York Metro area has the largest foreign buyer pool in the United States. While the city has long been known for its high-priced real estate, foreign capital has been instrumental in pushing values to record highs over the past five years.

…

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(Above: Average sale price climb decelerating over the past two years)

 

The real estate market continues to level out this month in essentially every measurable way. It’s a far cry from what we saw during the same time last year.

This month’s sales dipped far below what they were last month, setting a new low for the past few years at just 259. Days on the market and cumulative days on the market are each up to a two-year high at 97 and 102 respectively.

We predicted monthly inventory to rise above six months, but did not expect to exceed seven this soon. Month’s inventory was 7.21- also the highest in more than two years. And inventory was up again to 1868, despite new listings actually being down from January.

Average Sale Price…

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Now that February's full stats are in, we were able to sit down and break them down for Staten Islanders in our latest Facebook live stream. This month had a few smoking guns!

Several of our market indicators were the slowest economic markers we have seen in 2-3 years. To start, home sales fell to an astounding 259. That's just 259 homes sold in the entire borough of Staten Island for the whole month! Comparing that to last February when 320 homes sold, this represents a 19% drop.

Cumulative days on the market is also at a two-year high. Homes take an average of 102 days to sell at this time. Last year, CDOM was 16 points lower at 86 days. So fewer and fewer homes are selling, plus they are selling more and more slowly.

SO... the fact…

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We're back after our month hiatus!! Since Anthony's health has improved enough to return to work, we're making up for lost time with January's market report rundown before returning shortly to cover the market's performance in February.

January 2019 saw a huge drop in sales over the prior year, falling to just 307 homes sold. Though the price increased a few thousand since the prior month, it is up just $10,000 over the prior year. This shows that homes are holding their value and not falling in price necessarily, but not rising like they were in prior years. The last January year-over-year comparison saw a striking $60,000 increase in average sale price.

With sales down so much and inventory also back up at 1,868, all indicators but…

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