Homes for sale in Staten Island NY are selling at a record pace causing prices to continue to sky rocket. Lack of inventory is causing bidding wars on almost every deal. And homes are routinely closing at asking price or above.
Here's why we think this is going to continue in the Staten Island NY real estate market...
Home prices are increasing faster that many people have anticipated due to a shortage of new construction. The national average shows an average increase in home values of 6.9% but Staten Island NY homes increased closer to 10%, year over year. Inventory remains 6.6% lower, nationally. But Staten Island real estate inventory is closer to 20% below where it normally is.
New York city is a unique market with it's own micro economy. Employment and inflation are not effected the same way that many parts of the country are when there is a financial crisis. If you look at the crisis of 08', home prices in New York City only came down about 10-15%, whereas nationally, many areas like Nevada and Florida, saw values drop by 50-75% or more.
Compile all of this with buyer's confidence in the economy, and you have the perfect storm we're in right now. Buyers poured into the market knowing that they have steady employment. A lot of buyers are also being priced out of other boroughs like Brooklyn and Queens, so they're coming to Staten Island knowing they can get more house for less money with a trade off of a longer commute.