Monthly Indicatorsoffset rising home prices. New Listings in Staten Island decreased 8.4 percent to...
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Monthly Indicators December 2019 Quick Facts Market Overview 2 New Listings 3 Pending Sales 4 Closed Sales 5 Days on Market Until Sale 6 Median Sales Price 7 Average Sales Price 8 Percent of Original List Price Received 9 Housing Affordability Index 10 Inventory of Homes for Sale 11 Months Supply of Inventory 12 A RESEARCH TOOL PROVIDED BY THE STATEN ISLAND BOARD OF REALTORS®, INC. Current as of January 5, 2020. All data comes from the Staten Island Multiple Listing Service, Inc. Report © 2020 ShowingTime. - 3.1% One-Year Change in Median Sales Price - 4.8% One-Year Change in Inventory + 5.1% One-Year Change in Closed Sales In 2019 home prices were up again in most markets. Buyer demand continues to be strong but with tepid seller activity still in many locations, total sales are lower than they would normally be in a more balanced market. While up from their recent lows a few months ago, mortgage rates end the year close to three- quarters of a percent lower than a year ago, helping to improve affordability and offset rising home prices. New Listings in Staten Island decreased 8.4 percent to 252. Pending Sales were up 29.0 percent to 329. Inventory levels fell 4.8 percent to 1,821 units. Prices were a tad soft. The Median Sales Price decreased 3.1 percent to $540,000. Days on Market was up 19.3 percent to 106 days. Sellers were encouraged as Months Supply of Inventory was down 5.4 percent to 5.1 months. With low mortgage rates, low unemployment, and continued wage growth, home buyer activity is expected to remain healthy into the new year. New construction has been on the rise in 2019 and is expected to continue into 2020, but many experts note that the country is still not building enough new units to quench demand. It remains to be seen whether existing homeowners will be enticed to sell by higher home prices, which could finally bring the overall housing market into greater balance.
Transcript of Monthly Indicatorsoffset rising home prices. New Listings in Staten Island decreased 8.4 percent to...
Monthly Indicators
December 2019 Quick Facts
Market Overview 2New Listings 3Pending Sales 4Closed Sales 5Days on Market Until Sale 6Median Sales Price 7Average Sales Price 8Percent of Original List Price Received 9Housing Affordability Index 10Inventory of Homes for Sale 11Months Supply of Inventory 12
A RESEARCH TOOL PROVIDED BY THE STATEN ISLAND BOARD OF REALTORS®, INC.
Current as of January 5, 2020. All data comes from the Staten Island Multiple Listing Service, Inc. Report © 2020 ShowingTime.
- 3.1%One-Year Change in
Median Sales Price
- 4.8%One-Year Change in
Inventory
+ 5.1%One-Year Change in
Closed Sales
In 2019 home prices were up again in most markets. Buyer demand continues to be strong but with tepid seller activity still in many locations, total sales are lower than they would normally be in a more balanced market. While up from their recent lows a few months ago, mortgage rates end the year close to three-quarters of a percent lower than a year ago, helping to improve affordability and offset rising home prices.
New Listings in Staten Island decreased 8.4 percent to 252. Pending Sales were up 29.0 percent to 329. Inventory levels fell 4.8 percent to 1,821 units.
Prices were a tad soft. The Median Sales Price decreased 3.1 percent to $540,000. Days on Market was up 19.3 percent to 106 days. Sellers were encouraged as Months Supply of Inventory was down 5.4 percent to 5.1 months.
With low mortgage rates, low unemployment, and continued wage growth, home buyer activity is expected to remain healthy into the new year. New construction has been on the rise in 2019 and is expected to continue into 2020, but many experts note that the country is still not building enough new units to quench demand. It remains to be seen whether existing homeowners will be enticed to sell by higher home prices, which could finally bring the overall housing market into greater balance.
Market Overview Key market metrics for the current month and year-to-date figures.
Key Metrics Historical Sparklines 12-2018 12-2019 + / – YTD 2018 YTD 2019 + / –
4,061 - 8.0%
52
1,912
89 106
57 + 7.4%
--
$578,248 $590,487 + 2.1%
$557,500 $540,000
$586,185 - 1.4%
94.0% 93.2%
Housing Affordability Index
Days on Market Until Sale
Median Sales Price
Average Sales Price
Percent of Original List Price Received
$594,569
374 393 + 5.1% 4,413
New Listings
Pending Sales
Closed Sales
+ 2.5%
255 329 + 29.0% 4,239 4,266 + 0.6%
7,070275 252 - 8.4% 6,896
- 3.1% $550,000 $550,000
- 1.3%
+ 19.3% 81 98 + 21.3%
0.0%
- 0.8% 95.3% 94.0%
Current as of January 5, 2020. All data comes from the Staten Island Multiple Listing Service, Inc. Report © 2020 ShowingTime.
5.4
58 + 10.9%
- 4.8%
- 5.4%
1,821
5.1
53
--
-- --
--
--Months Supply of Inventory
Inventory of Homes for Sale
12-2016 12-2017 12-2018 12-2019
12-2016 12-2017 12-2018 12-2019
12-2016 12-2017 12-2018 12-2019
12-2016 12-2017 12-2018 12-2019
12-2016 12-2017 12-2018 12-2019
12-2016 12-2017 12-2018 12-2019
12-2016 12-2017 12-2018 12-2019
12-2016 12-2017 12-2018 12-2019
12-2016 12-2017 12-2018 12-2019
12-2016 12-2017 12-2018 12-2019
New Listings A count of the properties that have been newly listed on the market in a given month.
New Listings Prior Year % Change
January 2019 644 532 +21.1%
February 2019 507 508 -0.2%
March 2019 662 603 +9.8%
April 2019 757 716 +5.7%
May 2019 748 741 +0.9%
June 2019 681 738 -7.7%
July 2019 636 618 +2.9%
August 2019 554 575 -3.7%
September 2019 585 520 +12.5%
October 2019 618 607 +1.8%
November 2019 426 463 -8.0%
December 2019 252 275 -8.4%
12-Month Avg 589 575 +2.5%
Current as of January 5, 2020. All data comes from the Staten Island Multiple Listing Service, Inc. Report © 2020 ShowingTime.
288 275252
2017 2018 2019
December
0
200
400
600
800
1,000
1,200
1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 1-2019
Historical New Listing Activity
6,3246,896 7,070
2017 2018 2019
Year to Date
+2.5%-4.5% -8.4% +9.0%
Pending Sales A count of the properties on which offers have been accepted in a given month.
Pending Sales Prior Year % Change
January 2019 268 282 -5.0%
February 2019 274 286 -4.2%
March 2019 355 351 +1.1%
April 2019 390 393 -0.8%
May 2019 439 420 +4.5%
June 2019 372 454 -18.1%
July 2019 392 417 -6.0%
August 2019 382 391 -2.3%
September 2019 334 325 +2.8%
October 2019 408 381 +7.1%
November 2019 323 284 +13.7%
December 2019 329 255 +29.0%
12-Month Avg 356 353 +0.6%
Current as of January 5, 2020. All data comes from the Staten Island Multiple Listing Service, Inc. Report © 2020 ShowingTime.
317
255
329
2017 2018 2019
December
0
100
200
300
400
500
600
1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 1-2019
Historical Pending Sales Activity
4,4964,239 4,266
2017 2018 2019
Year to Date
+0.6%-19.6% +29.0% -5.7%
Closed Sales A count of the actual sales that have closed in a given month.
Closed Sales Prior Year % Change
January 2019 319 353 -9.6%
February 2019 262 320 -18.1%
March 2019 275 322 -14.6%
April 2019 280 336 -16.7%
May 2019 319 344 -7.3%
June 2019 364 396 -8.1%
July 2019 382 403 -5.2%
August 2019 446 452 -1.3%
September 2019 321 354 -9.3%
October 2019 383 390 -1.8%
November 2019 317 369 -14.1%
December 2019 393 374 +5.1%
12-Month Avg 338 368 -8.0%
Current as of January 5, 2020. All data comes from the Staten Island Multiple Listing Service, Inc. Report © 2020 ShowingTime.
443
374 393
2017 2018 2019
December
0
100
200
300
400
500
600
1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 1-2019
Historical Closed Sales Activity
4,580 4,4134,061
2017 2018 2019
Year to Date
-8.0%-15.6% +5.1% -3.6%
Days on Market Until Sale
Days on Market Prior Year % Change
January 2019 96 78 +22.6%
February 2019 101 88 +15.7%
March 2019 100 96 +3.7%
April 2019 104 84 +23.4%
May 2019 102 84 +21.1%
June 2019 96 73 +31.0%
July 2019 98 76 +28.8%
August 2019 88 70 +26.0%
September 2019 90 79 +14.6%
October 2019 101 77 +31.0%
November 2019 96 81 +18.8%
December 2019 106 89 +19.3%
12-Month Avg 98 81 +21.3%
Current as of January 5, 2020. All data comes from the Staten Island Multiple Listing Service, Inc. Report © 2020 ShowingTime.
Average number of days between when a property is listed and when an offer is accepted in a given month. Based on Cumulative Days on Market.
7989
106
2017 2018 2019
December
50
70
90
110
130
150
170
190
210
230
1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 1-2019
Historical Days on Market Until Sale
78 81
98
2017 2018 2019
Year to Date
+21.3%+11.8% +19.3% +2.8%
Median Sales Price Point at which half of the sales sold for more and half sold for less, not accounting for seller concessions, in a given month.
Median Sales Price Prior Year % Change
January 2019 $538,500 $550,000 -2.1%
February 2019 $550,000 $557,000 -1.3%
March 2019 $535,000 $548,950 -2.5%
April 2019 $520,000 $550,000 -5.5%
May 2019 $558,000 $542,500 +2.9%
June 2019 $550,000 $550,000 0.0%
July 2019 $550,000 $560,000 -1.8%
August 2019 $580,000 $545,000 +6.4%
September 2019 $560,000 $549,000 +2.0%
October 2019 $550,500 $550,000 +0.1%
November 2019 $570,000 $575,000 -0.9%
December 2019 $540,000 $557,500 -3.1%
12-Month Med $550,000 $550,000 0.0%
Current as of January 5, 2020. All data comes from the Staten Island Multiple Listing Service, Inc. Report © 2020 ShowingTime.
$529,000$557,500 $540,000
2017 2018 2019
December
$350,000
$370,000
$390,000
$410,000
$430,000
$450,000
$470,000
$490,000
$510,000
$530,000
$550,000
$570,000
$590,000
$610,000
1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 1-2019
Historical Median Sales Price
$510,000$550,000 $550,000
2017 2018 2019
Year to Date
0.0%+5.4% -3.1% +7.8%
Average Sales Price Average sales price for all closed sales, not accounting for seller concessions, in a given month.
Average Sales Price Prior Year % Change
January 2019 $576,843 $573,405 +0.6%
February 2019 $583,514 $565,757 +3.1%
March 2019 $566,279 $574,259 -1.4%
April 2019 $552,054 $573,261 -3.7%
May 2019 $621,047 $571,578 +8.7%
June 2019 $581,552 $582,633 -0.2%
July 2019 $598,205 $583,672 +2.5%
August 2019 $604,717 $562,313 +7.5%
September 2019 $601,346 $571,415 +5.2%
October 2019 $596,595 $584,750 +2.0%
November 2019 $601,985 $599,999 +0.3%
December 2019 $586,185 $594,569 -1.4%
12-Month Avg $590,487 $578,248 +2.1%
Current as of January 5, 2020. All data comes from the Staten Island Multiple Listing Service, Inc. Report © 2020 ShowingTime.
$550,695$594,569 $586,185
2017 2018 2019
December
$360,000
$380,000
$400,000
$420,000
$440,000
$460,000
$480,000
$500,000
$520,000
$540,000
$560,000
$580,000
$600,000
$620,000
$640,000
1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 1-2019
Historical Average Sales Price
$539,885$578,248 $590,487
2017 2018 2019
Year to Date
+ 2.1%+ 8.0% - 1.4% + 7.1%
Percent of Original List Price Received
Pct of Orig. List Price if Rec'd Prior Year % Change
January 2019 93.9% 95.5% -1.6%
February 2019 93.7% 95.6% -2.0%
March 2019 93.9% 94.7% -0.8%
April 2019 93.9% 95.9% -2.1%
May 2019 93.9% 96.1% -2.3%
June 2019 94.4% 95.9% -1.6%
July 2019 93.9% 95.3% -1.5%
August 2019 95.4% 96.2% -0.9%
September 2019 94.2% 94.8% -0.6%
October 2019 93.8% 94.7% -1.0%
November 2019 93.4% 94.6% -1.2%
December 2019 93.2% 94.0% -0.8%
12-Month Avg 94.0% 95.3% -1.3%
Current as of January 5, 2020. All data comes from the Staten Island Multiple Listing Service, Inc. Report © 2020 ShowingTime.
Percentage found when dividing a property’s sales price by its original list price, then taking the average for all properties sold in a given month, not accounting for seller concessions.
95.5% 94.0% 93.2%
2017 2018 2019
December
88%
90%
92%
94%
96%
98%
100%
1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 1-2019
Historical Percent of Original List Price Received
96.6% 95.3% 94.0%
2017 2018 2019
Year to Date
-1.3%-1.6% -0.8% -1.4%
Housing Affordability Index
Housing Affordability Index Prior Year % Change
January 2019 54 54 +1.0%
February 2019 54 53 +1.8%
March 2019 56 53 +4.2%
April 2019 58 52 +10.0%
May 2019 54 53 +1.2%
June 2019 55 53 +3.3%
July 2019 56 52 +7.4%
August 2019 55 53 +4.5%
September 2019 57 51 +11.3%
October 2019 58 48 +21.6%
November 2019 55 47 +17.2%
December 2019 58 52 +10.9%
12-Month Avg 64 59 +8.3%
Current as of January 5, 2020. All data comes from the Staten Island Multiple Listing Service, Inc. Report © 2020 ShowingTime.
This index measures housing affordability for the region. For example, an index of 120 means the median household income was 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability.
5852
58
2017 2018 2019
December
40
50
60
70
80
90
1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 1-2019
Historical Housing Affordability Index
6053
57
2017 2018 2019
Year to Date
+7.4%-9.3% +10.9% -11.4%
Inventory of Homes for Sale The number of properties available for sale in active status at the end of a given month.
Inventory of Homes for Sale Prior Year % Change
January 2019 2,090 1,644 +27.1%
February 2019 2,156 1,715 +25.7%
March 2019 2,287 1,839 +24.4%
April 2019 2,428 2,014 +20.6%
May 2019 2,546 2,190 +16.3%
June 2019 2,633 2,308 +14.1%
July 2019 2,624 2,341 +12.1%
August 2019 2,556 2,341 +9.2%
September 2019 2,495 2,328 +7.2%
October 2019 2,419 2,338 +3.5%
November 2019 2,257 2,266 -0.4%
December 2019 1,821 1,912 -4.8%
12-Month Avg 2,359 2,103 +12.2%
Current as of January 5, 2020. All data comes from the Staten Island Multiple Listing Service, Inc. Report © 2020 ShowingTime.
1,559
1,912 1,821
2017 2018 2019
December
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 1-2019
Historical Inventory of Homes for Sale
-4.8%+22.6%
Months Supply of Inventory The inventory of homes for sale at the end of a given month, divided by the average monthly pending sales from the last 12 months.
Months Supply of Inventory Prior Year % Change
January 2019 5.9 4.4 +35.6%
February 2019 6.1 4.5 +35.1%
March 2019 6.5 4.9 +32.4%
April 2019 6.9 5.3 +30.2%
May 2019 7.2 5.8 +24.7%
June 2019 7.6 6.1 +24.4%
July 2019 7.6 6.2 +23.6%
August 2019 7.5 6.3 +17.9%
September 2019 7.3 6.3 +14.5%
October 2019 7.0 6.4 +8.5%
November 2019 6.5 6.3 +2.2%
December 2019 5.1 5.4 -5.4%
12-Month Avg 6.8 5.7 +19.4%
Current as of January 5, 2020. All data comes from the Staten Island Multiple Listing Service, Inc. Report © 2020 ShowingTime.
4.2
5.4 5.1
2017 2018 2019
December
2
4
6
8
10
12
14
16
18
20
1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 1-2019
Historical Months Supply of Inventory
-5.4%+30.1%
