Introduction

Welcome to the June 2024 real estate market report for Mount Sinai, New York. Staying updated with the latest market trends is crucial for both home sellers and buyers to make informed decisions. This report provides a comprehensive overview of the current market conditions, key statistics, and expert tips for navigating the Mount Sinai real estate market.

Market Overview

The Mount Sinai real estate market continues to show robust activity. As of May 2024, the area is experiencing a balanced market with some indicators leaning towards a seller's market. This is evidenced by a low months-of-inventory figure and high list-to-sold price ratios. Below are key statistics from the latest data:

  • Months of Inventory: 3.06 months, reflecting a 5.85% increase month-over-month.
  • List to Sold Price Percentage: 99%, a 1.71% increase month-over-month.
  • Median Days on Market: 30 days, which is a 21.05% increase month-over-month.
  • Median Sold Price: $692,500, showing an 11.96% increase month-over-month.

Price Analysis

The Mount Sinai market has seen significant price changes over the past year:

  • Median Estimated Property Value: $679,690, a slight decrease of 0.6% from the previous month but a 5.5% increase over the past 12 months.
  • Median List Price for New Listings: $750,000, a 7.9% increase month-over-month.
  • Median List Price for Active Listings: $898,000, a 7.5% increase month-over-month.

Factors Influencing Price Changes

Several factors are influencing these price trends, including:

  • Interest Rates: Current national average mortgage rates are influencing buyer affordability.
  • Seasonal Trends: Spring and early summer typically see heightened market activity and price increases.

Sales Analysis

Sales activity in Mount Sinai has been dynamic:

  • Number of Properties Sold: 10 properties in May 2024, a 25% increase month-over-month.
  • Total Sales Volume: $7,853,000, a 61.1% increase month-over-month.
  • Median Days on Market for Sold Listings: 30 days, indicating properties are selling relatively quickly.
  • Median Sold Price per Square Foot: $327, a 12.4% increase month-over-month.

Market Type

The Mount Sinai market is currently balanced, with some trends favoring sellers. This is indicated by the high list-to-sold price ratio and relatively low inventory.

Inventory Analysis

Inventory levels have fluctuated recently:

  • New Listings: 19 properties, a 13.6% increase month-over-month.
  • Active Listings: 35 properties, a 2.8% increase month-over-month.
  • Months of Inventory: 3.06 months, down 5.8% from the previous month but up 7.7% year-over-year.

Impact on Market Conditions

  • Buyer Competition: Increased inventory levels provide more options for buyers, potentially easing competition slightly.
  • Price Stability: Consistent inventory levels help stabilize prices, preventing drastic fluctuations.

Seasonal Fluctuations

Seasonal trends play a significant role in the Mount Sinai market. Typically, spring and summer see increased activity with more listings and higher prices due to the favorable weather and school year timing. Conversely, the market tends to slow down in the fall and winter months.

Supply and Demand

  • Current Inventory Levels: 3.06 months of supply.
  • Active Buyers: High demand, as indicated by the quick turnaround time for listings and high list-to-sold price ratios.

Market Implications

  • Home Prices: High demand and limited inventory continue to push prices upward.
  • Market Conditions: The balance between supply and demand creates a competitive environment for buyers while offering favorable conditions for sellers.

Seller Tips

  • Pricing Strategies: Set a competitive price to attract multiple offers and potentially drive up the final sale price.
  • Marketing Techniques: Utilize professional photography and staging to enhance property appeal.
  • Expert Guidance: Partner with a knowledgeable real estate agent from Educators Realty to navigate the market effectively.

Buyer Tips

  • Financing: Secure financing pre-approval to strengthen your offer.
  • Market Understanding: Stay informed about current market conditions and be prepared to act quickly.
  • Professional Assistance: Work with an experienced agent from Educators Realty to find the best properties and negotiate effectively.

Forecast and Predictions

Looking ahead, the Mount Sinai real estate market is expected to remain active with steady price growth. The balanced market conditions suggest that both buyers and sellers will find opportunities in the coming months. However, potential interest rate changes and economic factors could influence market dynamics.

Conclusion

The Mount Sinai real estate market continues to show strong performance with increasing home prices and active sales. For professional assistance and expert advice on selling or buying a home in Mount Sinai, contact Educators Realty today. Our experienced agents are here to help you navigate the market and achieve the best results. Visit educatorsrealty.com or call (516) 517-2400 to get started.