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STATE OF THE MARKET - MARCH 2024 - STATEN ISLAND AND NYC

What’s going on in the Staten Island/NYC Real Estate world this month?




Staten Island real estate news newspaper


Happy March!


Here are last months stats:



FEBRUARY 2024



The real estate market in Staten Island showed a mixed landscape in February 2024. While there are nuanced shifts in pricing and demand, the overall picture provides varied opportunities for both buyers and sellers.


  • The average selling price saw a slight downturn to $697,000, which is a 2% decrease year-over-year and month-over-month. Conversely, the median price stands at $649,000, displaying a resilient 1% increase compared to the previous year, despite a 5% drop since January. These opposing movements in average and median prices could suggest a widening gap between the high end and mid range segments of the market.

  • Buyers have found some leverage, as evidenced by the average discount, which has increased significantly to 7.3%. This represents a 34% decrease from last year but is up by 30% since January, indicating that sellers are more willing to negotiate than they were a year ago, giving buyers a potential edge.

  • Property availability continues to expand, with listings soaring to 834 homes, a substantial 270% rise year-over-year, and a modest 5% increase month-over-month. This influx of inventory may be contributing to the greater negotiation power observed by buyers.

  • Sales volume, however, has softened, with 181 homes sold, marking a 3% decrease from the same period last year and a significant 25% drop since January. The dip in sales could be reflective of the market reacting to the recent price shifts and negotiating trends.

  • Lastly, the number of homes in contract has gone up to 242, indicating a 6% year-over-year increase and a 1% rise since the previous month.


This is a positive signal that, despite fluctuations, there is a consistent forward momentum in the Staten Island housing market with a steady flow of properties moving towards closing



🔮


Average SI apartment prices:


Studio: $1,200

1 Bedroom: $1,600

2 Bedroom: $2,100

3 Bedroom: $2,800



Staten Island market highlights


STATEN ISLAND

This weeks general news on STATEN ISLAND




FUTURE HOMEOWNERS

This weeks news for FUTURE HOMEOWNERS




RENTERS

This weeks news for RENTERS



Let’s sign off this month with a couple pieces of information!


-Check my “coming soon” below- a lot of properties listed! One of them in particular is a ranch in Tottenville- great opportunity to own something great!


-306 Ilyssa Way went back on market- we received over 15 showing requests for the first weekend. I’ve been saying it since January- the market is on fire. Price your house correctly and watch magic happen!!


-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!


-Our next Ready For Launch meetup is this month. Monday 2/26. Hope to see you there!


-Check out my recently finished website at ranolarealestate.com


-I created a BUYERS course and a SELLERS course. Sign up- they’re free, and I need feedback!


-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



-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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