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Third Quarterly Report on Staten Island | Martino Realty

Written by Posted On Thursday, 17 October 2019 11:44

With the kids back in school and the weather cooling, the housing market begins its annual cool down as well. Nationally, buyer and seller activity remained strong, buoyed by low mortgage rates and a strong economy. The market fundamentals suggest no significant changes from recent trends, other than the seasonally tempered pace we see this time of year. As we move into the final three months of 2019, buyers will find fewer homes coming on the market, but also less competition for those homes. 

New Listings in Staten Island increased 11.9 percent to 582. Pending Sales remained flat at 326. Inventory levels fell 1.6 percent to 2,285 units.

Prices continued to gain traction. The Median Sales Price increased by 2.0 percent to $560,000. Days on Market were up 17.1 percent to 92 days. Buyers felt empowered as Months Supply of Inventory was up 4.9 percent to 6.6 months.

In Washington there are discussions around a broad overhaul of the housing finance system, including the re-privatization of Fannie Mae and Freddie Mac and reforms to federal agencies involved with financing substantial portions of the mortgages made every year. Many of these policy conversations and eventual changes will take months or years to be implemented and their impact is not yet clear. While Halloween decorations are beginning to adorn homes around the country, the real estate market this fall is looking far from scary.

Courtesy of Staten Island Board of Realtors

You can the 3rd Quarter Report Here

 

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Charles Martino

Our commitment as your local realtors is to provide you with the specialized real estate service you deserve. When you are an informed buyer or seller, you’ll make the best decisions for the most important purchase or sale in your lifetime. That’s why our goal is to keep you informed on trends in the marketplace using the latest statistics in your local area.

In the current market, real estate is still a sound investment for now and for the future with some of the best value for your dollar seen in recent years. As local area experts with knowledge of the communities, our objective is to work diligently to assist you in meeting your real estate goals.

If you are considering buying or selling a home or would just like to have additional information about real estate in your area, please don’t hesitate to call or email us. Thank you for visiting the Martino Realty¬† – please consider it as your online source for local real estate information, and return often for the latest property listing updates.

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