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Staten Island Real Estate Market Trends for August 2024
U.S. existing-home sales increased for the first time in 5 months, as lower mortgage rates and rising supply helped boost market activity.
According to the National Association of REALTORS® (NAR), sales of previously owned homes rose 1.3% month-over-month to a seasonally adjusted annual rate of 3.95 million units, exceeding economists’ expectations and ending the downward trend of recent months.
As for the local Staten Island real estate market, here are the latest statistics:
New Listings on Staten Island decreased by 18% to just 384 new listings taken.
Pending Sales were up by close to 2% to 341 homes going under contract.
Inventory levels fell over 20% percent to 1,179 units available for sale.
Closed sales continue to be restrained as they dropped by 5.5 percent to just 348 units sold last month.
Prices still continued to gain traction.
The Median Sales Price increased 1.5 percent to $690,000.
According to National statistices, home prices have increased for the past 13 months in a row.
Days on Market was down 19 percent to 66 days.
Sellers remain encouraged as the Months Supply of Inventory was down 22+ percent to 3.8 months.
Latest Numbers for August 2024 vs 2023
>> CLOSED SALES OVER THE PAST YEAR ARE DOWN 5.5% YEAR-TO-DATE.
>> NEW LISTINGS SIGNED WERE DOWN 18+% TO JUST 348 LISTINGS.
Although inventory is up nearly 20% compared to the same time last year, buyer demand still continues to outpacr supply.
Continued limited supply has still put upward pressure on home sales prices.
Data provided by SIBOR.
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