With 43 homes currently on the market over $1.5m, our luxury market seems to be growing in inventory as Spring ushers in. Reflecting over the last 12 months, we have seen in total 81 sales in this price range with approximately 20% paying cash and the remaining conventional financing. Only 4 of those sales were condos and the remaining, single-family homes.
The question stands "Is bigger better?" The home with the largest lot (147,223 sqft) went into contract quickly at 16 days while, in contrast, the home with the most interior square footage (12,200 sqft) took almost approx 6 months. Listings selling the fastest can be found in Todt Hill & Dongan Hills Colony by far. With honorable mentions for number of transactions over $1.5m including S.E. Annadale & Tottenville. Note that this could also be due to a lack of inventory in other areas, rather than demand.
Lower price ranges on Staten Island have not yet seen relief from our inventory shortage and a recently published article referencing our luxury market insists that we have above-average housing stability when compared to national markets. National buyers are being encourage to seeking opportunity on Staten Island (ranked alongside other top key cities in Delaware, Ohio, Virginia, and California). This could further increase demand in the coming months for our luxury market and beyond.