What’s going on in the Staten Island/NYC Real Estate world this month?
Happy April!
Here are last months stats:
MARCH 2024
The Staten Island real estate market for March 2024 shows a sustained growth in home values, with average prices climbing to $691,000, a 3% increase year-over-year, and remaining stable month-over-month.
The median price outpaces the average, reaching $670,000, showing a stronger year-over-year increase of 4% and a significant 5% rise from the previous month, reflecting a continued appeal in the mid-market segment.
Negotiations have become more pronounced, with buyers securing an average discount of 8.5%, which represents a significant year-over-year rise of 21%, indicating a market where buyers are effectively leveraging the increased inventory for better deals.
Speaking of inventory, the market has seen a 56% jump from the previous month, suggesting sellers are actively entering the market.
Sales volume has maintained a steady rhythm with 230 homes sold, only a marginal 1% dip year-over-year, demonstrating enduring buyer interest. However, the number of homes in contract shows a decrease of 17% from last year, marking a notable shift in the market where despite high interest, there is a slowdown in the transition from sale to close.
In summary, March 2024 for the Staten Island real estate market reflects a mixed environment with steady price growth and a notable increase in inventory, suggesting sellers are confident, yet the slowing pace of homes going into contract may indicate buyers are being more selective and negotiating harder in this diverse and dynamic landscape.
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Average SI apartment prices:
Studio:Â $1,200
1 Bedroom:Â $1,600
2 Bedroom:Â $2,100
3 Bedroom:Â $2,800
FUTURE HOMEOWNERSThis weeks news for FUTURE HOMEOWNERS | |
INVESTORSThis weeks news for INVESTORS | |
Let’s sign off this month with a couple pieces of information!
Yet another tough week for buyers. Submitted 3 offers this week- all are in heavy competition- none were accepted! Cannot believe the turnaround this market has experienced since January. Also can’t believe it’s already April, but that’s another story. Wow!
-I’m in the middle of a flip with a great investor of mine. I represented him on the purchase and we’re both documenting all of the work. It should take ~30 days…it’s only been a week and it’s moving extremely quickly! We’re going to record a video when we close on it that will go over all of the costs, problems, etc…great knowledge for anyone looking to flip on SI. Stay tuned!
-I’ve been sending out possible $$$ investment property opportunities to my Ready For Launch group. Not receiving them? Come to our next meetup and join us!
-Speaking of that, our next Ready For Launch meetup is this month. Monday 4/29. Great topic!! More info to come, hope to see you there!
-Check out my recently finished website at ranolarealestate.com
-Just a reminder- I’m licensed in Life Insurance as well. If you need any protection, please let me know! I work with the best Life Insurance Broker in America 😎
-If you know anyone looking for a BANK, please let us know! There is a beautiful ex-bank for rent or sale here on Port Richmond Avenue. So much history, so many cool possibilities!
COMING SOON
-Semi in 10312 with nearly 10,000 SF lot. Fully renovated.
Ranch in Tottenville- wow! Let me know ASAP if interested.
-Detached absolutely gorgeous house 10310. Fully renovated. More to come
-Double lot with house on it. Build! 10302
-Detached colonial 10310. Separate basement entrance. $650k
-2,200 SF LOFT (Flex4) in Manhattan, W 29 and 6th. Will be asking $14,999/month
-4 family in Brooklyn, Sunset Park. Will be asking 2.6MM.
-Bungalow in New Dorp Beach. More info to come.
-2 Family in Canarsie in the mid-high 800’s. More info to come.
HAVE A GREAT MONTH!
Remember, knowledge is your compass in the realm of Staten Island Real Estate- and that’s exactly what we aim to provide in our Sunday News snippets.
Stay informed, stay empowered, and navigate the New York market with confidence!
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