Whether you are a buyer or a seller, it is truly important to understand which way the market is turning towards. For the last 3-5 years, the real estate market has been at an all-time high with sellers having the upper hand. In the next coming months, we will start to see a slight change in home inventory rising, which will lead to a buyers’ market.
One can gauge how the market is doing based on the inventory of homes and sale price. With low inventory and high demand the market is hot, and with an overflux of homes prices on homes can become lower due to its competitive inventory. According to Zillow, 14% of all listings in June saw a price cut throughout some of the top Markets including New York. The price growth is slowing in nearly half of the 35 largest United Metropolitan markets.
On Staten Island year to date new listing’s rose by 3.4%, closed sales increased by 14.2%, and average sales price rose by 8.5%. These are major indicators of what’s to come!
If you are interested in purchasing within the next few months contact Martino Realty at (718) 608-9400 for more information and let them guide you to the area that best suits your needs whether North Shore, Mid Shore or South Shore.