After more than three years of a strong seller’s market, Staten Island’s residential real estate is now favoring home buyers, Realtors say.
“Real estate always works in cycles. The seller’s market started to wind down around September from what I saw, and the buyer’s market is becoming more front and center,” said Traci Cangiano, broker/owner of Cangiano Estates in Great Kills.
“We are seeing more inventory, and as a result it’s almost eliminating the multiple-offer scenario. Prices are slowly dropping, and homes are sitting on the market longer. Buyers are finally able to be a little bit selective,” she added.
Since 2015, there has been a home buying frenzy on Staten Island where there were more buyers than sellers in the marketplace. Prices and values of homes peeked during this time, and houses became unaffordable for many millennial buyers.
According to a 2017 post on the Staten Island Board of Realtors’ website, homes had reached “unaffordable levels,” at a time when there were less homes on the market than buyers who wanted to purchase them.
In 2017, the number of homes sold by Nov. 30 was 3,947, according to Staten Island Board of Realtors (SIBOR). In 2018, the number of homes sold by the same time period was 3,863, said SIBOR.
Although current home sales are at 98 percent of what they were last year at this time, the market is trending in favor of buyers.