On Staten Island, home prices are continuing to gain traction, with the median sales price increasing to $550,000 in January, a rise of 2.1 percent over the same month a year ago, according to the lastest statistics from the Staten Island Board of Realtors (SIBOR).
Nationally, a combination of low interest rates, low unemployment, and rising rents have set the stage for a strong start to 2020.
On Staten Island, the latest SIBOR research indicates “Days on Market” was up 12.8 percent to 108 days in January, when compared to the same period in 2019, and sellers were encouraged as “Months Supply of Inventory” dropped 9 percent to 5.4 months. New home-listings on Staten Island decreased to 588 in January, a decline of 8.7 percent as compared to the same period in 2019. Pending sales were up 15.7 percent to 309, and inventory levels fell 7.6 percent to 1,934 units.
The National Association of REALTORS Chief Economist Lawrence Yun sees good news for home prices.
“National median home price growth is in no danger of falling due to inventory shortages and will rise by 4 percent,” Yun predicts. He is also expecting the new-home construction market sales to increase 10 percent.