An interesting turn of events with the latest market statistics for the month of August 2013.
The amount of homes sold in the month of August actually went down from the prior month, but hold on—we’ll get to that in a minute.
First of all, the amount of homes for sale on Staten Island took a drastic leap downwards, with only 2,291 homes on the market in August. This is a decrease of over four percent from July, with an additional 110 homes being on the market in the prior month.
With such a small amount of inventory to work with, homes have been selling like hotcakes.
The average number of cumulative days for homes being on the market in August was 129, which is a decrease of over twelve percent from July. This is also a decrease of about twenty-five percent from August of 2012. The amount of time it would take to sell all of the homes on the market is estimated at 7.18 months. This is almost four percent lower than what we saw last month, and over thirty-three percent lower than what we saw last year. With this competitive market, buyers have been purchasing their new homes at favorable prices for the sellers.
The average sale price for a home in August was $425,092, which is an increase of a little more than one percent from the prior month. The average listing price was $444,880—an increase of almost one percent. This means that homebuyers were paying an estimated 95.55% of their new home’s worth. This is even higher than the number we keep recalling from August of 2007, when homebuyers paid an average of 95.44% of the new home’s value. The last time we saw a number higher than what it is at now was in June of 2007, when the number was 95.70%.
The median sale price for the month of August also increased from July—by almost four percent. At $405,000, this is over five percent higher than the average median sale price in August of 2012.
The number of homes sold in the month of August may have decreased by a little more than one percentage point, but it is still way above the 200-mark, which is the average for a healthy market. The total amount of homes sold in August was 319. It’s crazy to think that at this point last year we saw almost fourteen percent less homes being sold.
This little drop didn’t make much of an impact on the number of sales in the past twelve months, as the number had reached 2,948. This is the highest amount of homes in a twelve-year span that we have seen in quite some time, with an increase of almost twenty percent from the months between September of 2011 and August of 2012.
The monthly volume fell along with the monthly sales, to $135,604,399. This decrease from July is only by less than one percentage point, though. On the flip side, we still see an increase of almost eleven percent from August of last year. Likewise, the volume for the past twelve months increased over twenty percent from the prior twelve months, with the final figure being $1,231,034,435.
How much lower will the inventory get? Will we soon see below 2,000 homes on the market? Come back next month to find out.
Posted by Anthony Licciardello on
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