Tagged : Statistics RSS Feed

Found 13 blog entries tagged as "Statistics".

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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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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Welcome to 2019! It's hard to believe we just finished off another year. Our year covering real estate and local events in Staten Island has taught us a few things, and we cover the past month and year in January's market discussion here via Facebook Live!

Now that we have December's numbers in, a clear price drop of about $10,000 was observed since the previous month of November's average. Current data for December puts the average sale price at $588,613. Up in the air was the question of whether or not average home sale prices on Staten Island WOULD top $600k by the end of 2018. Ironically, the adjusted average for November (numbers always fluctuate a little after the initial stats release) ended up being $599,999- the irony is real.

In…

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This real estate market seems to get stranger and stranger. With prices reaching an all-time high yet again, sales are down and inventory is up. Days on the market are also up. This appears to contradict supply and demand- if homes are selling more slowly and inventory is fairly high, why then is the average price going up?

November's average home sale price came in at $597,426. This makes it very likely that sold prices will reach (or top) an average of $600,000 by the end of 2018.

Inventory is a different story though. It has remained basically unchanged for seven months in a row now at roughly 2,000 homes on the market. And sales are also down about 5% since last year. Just 360 homes sold on Staten Island last month. So why the high prices?

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We're back on the horse for our monthly real estate market discussion for Staten Island! This month was an odd one. Inventory was up but prices were also back to record highs. Normally the supply/demand curve should push prices down when supply is up, so what gives?

To lay things out: the average sale price in October was $582,619, on par with the record high price of $583,210 from June 2018. Yet inventory has plateued for six months straight around the 2,000 mark. Fewer homes are also selling each month compared with new listings, and sales are way down from last year. New and active listings are up even higher.

It's difficult to make sense of these numbers. But we have to keep in mind that the sample size (377 homes sold) is small- and…

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