Staten Island - Current Market -December 2023

As buyers and sellers in the real estate market, you undoubtedly understand the importance of being well-informed about the current state of the industry. Today, I am here to shed light on the correlation between several key real estate metrics that will undoubtedly pique your interest.

Let's begin with the Months Supply of Inventory, which currently stands at 3.45. This metric represents the number of months it would take to sell all the homes on the market if no new listings were added. A lower supply of inventory indicates a seller's market, where there are more buyers than available properties. In this case, with a supply of 3.45 months, we can confidently say that the market is favoring sellers.

Now, let's delve into the 12-Month Change in Months of Inventory, which shows a significant decline of -21.05%. This change indicates a decrease in the number of months it would take to sell all the homes on the market compared to the previous year. This suggests a tightening market, with properties being sold at a faster pace. For sellers, this means that their homes are likely to be snatched up more quickly, while buyers may face increased competition.

Moving on to the Median Days Homes are On the Market, we find that properties are spending an average of 47 days before being sold. This metric gives us valuable insight into the speed at which homes are being purchased. With a relatively low median number of days on the market, it is evident that the real estate market is quite active, with buyers showing significant interest in available properties.

The List to Sold Price Percentage is another crucial metric that buyers and sellers should pay close attention to. Currently standing at an impressive 97.4%, this percentage represents the ratio between the final sale price of a property and its initial listing price. A higher percentage indicates that sellers are achieving a closer sale price to their desired listing price. This data suggests that sellers have strong negotiating power, while buyers should be prepared to make competitive offers.

Lastly, let's discuss the Median Sold Price, which currently stands at $655,000. This metric represents the midpoint price of all homes sold in a given period. A higher median sold price indicates a strong market and increasing property values. For sellers, this means that they may be able to command higher prices for their homes, while buyers should be prepared for potentially higher purchase prices.

In summary, these real estate metrics paint a fascinating picture of the current market conditions. With a low Months Supply of Inventory and a declining 12-Month Change in Months of Inventory, sellers hold a significant advantage. The relatively low Median Days Homes are On the Market suggests a fast-paced market, while the high List to Sold Price Percentage indicates strong negotiation power for sellers. Finally, the Median Sold Price of $655,000 signifies a robust market with increasing property values.

As buyers and sellers, it is crucial to stay informed about these metrics to make well-informed decisions. Whether you are looking to sell your property or find your dream home, this knowledge will undoubtedly guide you towards success in the ever-evolving real estate market.