STATEN ISLAND'S REAL ESTATE MARKET REPORT FOR JANUARY
The housing market for Staten Island is improving, but it’s not stable quite yet.
Although the number of available homes on the market is still on the low end, more homeowners showed an interest in selling for the month of January. This past month, there was 1772 homes available for sale. Of the 1772 homes, only 292 actually sold in January. The total month’s inventory of 246 took 132 days to sell, meaning it would take roughly 7.2 months to clear out the inventory.
January proved that there are enough available homes being sold but not enough buyers. For the market to gain traction, people need to continue moving rather than remodeling their current home space.
Home sales in Staten Island totaled $104,910,097, which is lower than the previous month but higher than January 2013. The number of available homes on the market increased throughout the month. January's market was at its best around the 15th. In mid-January properties were selling at the most reasonable prices. Then buyer's demand decreased, and the average listing price dropped, resulting in less home sales near the end of the month.
The average home sale price was $426,463, which is higher than the previous 3 months. Staten Island's real estate market needs to encounter more complete sales for the upcoming months. Right now is a great time for people to buy a house because homes are listed at an average price and buyers can obtain a good interest rate. In time, both will rise so we advise both new and seasoned home buyers to make their move now.