For much of the country, the first quarter of 2019 provided several disruptive weather patterns that contributed to less foot traffic toward potential home sales. Coupled with low affordability, higher prices and an inventory situation in its infancy of recovering from record lows – not to mention several more days of wintry weather in April – slower sales persisted across most residential real estate markets. However, buyers are beginning to return in force this spring. For
well-priced homes in desirable locations, competition is fierce.
New Listings in Staten Island increased 2.8 percent to 736. Pending Sales were up 1.0 percent to 400. Inventory levels rose 6.8 percent to 2,134 units.
Prices were a tad soft. The Median Sales Price decreased 4.5 percent to $524,999. Days on Market was up 22.7 percent to 103 days. Buyers felt empowered as Months Supply of Inventory was up 14.4 percent to 6.0 months.
Although hiring and wage gains have been below expectations, the national unemployment rate held firm at 3.8 percent. A historically low unemployment rate can provide reassurance to wary consumers. But in order for sales to increase on a grand scale, buyers will need more spending power, or sellers will need to reduce prices to land where buyers are most active. Neither situation is likely to occur in 2019, and yet inventory is straining to keep pace in the most competitive price ranges.
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