Staten Island Market Update: Understanding Market Trends is Key to Making Right Decisions

Welcome to Your Home Sold Guaranteed Realty Advisors

November 2024 Market Update!

Whether you're buying, selling, or investing, understanding market trends is key to making the right decisions. Let’s break down the latest stats for November and year-to-date comparisons."

Starting with the absorption rate, which measures how quickly homes are selling:

• November 2024 saw a rate of 4.29 months, down almost 12% from 2023
• Year-to-date, the absorption rate stands at 4.67 months, a slight increase from last year’s 4.48 months, reflecting a more balanced market."

Next, let’s talk about pricing. The market remains strong with significant growth:

• The average list price in November 2024 reached $925,456, a 10.19% increase from the year before.
• The median list price rose 7.10% to $769,000.

Sale prices have followed suit:

• The average sale price in November grew by 2.22%, reaching $754,709, while the median sale price increased by 3.57%, landing at $725,000."

The sale-to-original-list price ratio reflects how close homes sold to their asking price, and this year’s trend highlights the market's competitiveness:

• the ratio dropped early in 2024 but steadily climbed and
• By November 2024, the ratio rebounded to 96.5%, showing strong buyer demand for well-priced homes."

Now, let’s look at how quickly homes are selling.

• The average cumulative days on market (CDOM) dropped to 68 days in November, an 8.11% improvement from last year.

Year-to-date figures show even more improvement, with homes selling faster compared to 2023.  November 2024 continues to show a resilient market with rising home prices, a competitive sale-to-list price ratio, and shorter selling times. For sellers, now is the time to capitalize on these gains, and for buyers, locking in your dream home before further appreciation is crucial.

At Your Home Sold Guaranteed Realty Advisors, we specialize in strategies that ensure your success in any market condition. Whether you're buying, selling, or investing, our team guarantees results.

Reach out today to take advantage of these trends and start planning your next move. Stay tuned for more updates, and as always, your satisfaction is guaranteed!

Your Home Sold Guaranteed Realty Advisors – Turning Real Estate Goals Into Guaranteed Results!"