Now the most recent home sales data for Staten Island is in! It is clear that while real estate prices are still very high, market activity is slowing down.
July's average home sale price was $586,155. While this is almost neck in neck with June's average sale price, the price is a trailing indicator since it takes 90 days to close on a typical home sale. The more important figure to look at is the active listings. With active listings at a 2 year high, this means homes are getting harder to sell.
There are certain aspects of the market slowdown that are harder to measure such as expired listings and price reductions. Anecdotally, our realtors have been noticing more price reductions on their listings and less interest in showings, resulting in fewer offers.
It is important to state that homes are still in demand here in Staten Island, which is far more affordable for families than Brooklyn. But need to look at the average income for a household which is around $75,000. New home buyers with incomes under six figures are likely to balk at $600,000 homes.
Join us for a discussion on the current state of the real estate market here in Staten Island via Facebook live video! RealEstateSINY.com Broker/Co-Owner Anthony Licciardello is interviewed by PR Director Hannah Jay on this rainy Friday afternoon- we got totally soaked!
RealEstateSINY.com- making sacrifices in our comfort and safety for the sake of our audience :)