New York State October home sales and the statewide median sales price kept pace with the 2010 October market, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS®.
The number of homes sold in October 2011 dropped from September 2011 indicating that the market still is finding its identity.
The October data show that the market has not entered into a trend either positive or negative. The October year-to-year volume stability countered by month-to-month loss indicates a market subject to fluctuating consumer needs.
NUMBERS STRONG ON STATEN ISLAND
However, according to a report earlier in the November from the Staten Island Board of Realtors (SIBOR), home sales on Staten Island soared 13.8 percent over the combined months of August, September and October, as compared to the same period one year ago.
In addition, home sales under contract for the same period have risen a whopping 21.2 percent, signaling optimism for continued growth within the Island’s real estate marketplace
Despite continuing market fundamentals favoring affordability, such as historically low mortgage rates and available inventory, overly stringent lending standards for qualified buyers combined with concerns about the economy continue to hamper housing statewide market sales. Sustainable housing market recovery will not occur until consumer confidence in the economy returns and the recent gains in job growth become a long-term trend.
Nationally, existing-home sales rose 1.4 percent to a seasonally adjusted annual rate of 4.97 million in October from a downwardly revised 4.90 million in September, and are 13.5 percent above the 4.38 million unit level in October 2010. The national median existing-home price for all housing types was $162,500 in October, which is 4.7 percent below October 2010.
Distressed homes – foreclosures and short sales typically sold at deep discounts – slipped to 28 percent of sales in October from 30 percent in September (17 percent were foreclosures and 11 percent were short sales); they were 34 percent in October 2010.
About The Staten Island Board of REALTORS® (SIBOR)
The Staten Island Board of REALTORS® (SIBOR) is the largest not-for-profit trade association in Staten Island, N.Y.
SIBOR exists to enhance the ability and opportunity of its members to conduct their business successfully and ethically; and to promote the preservation of the public’s right to own, transfer and use real property.
Comprised of over 1,800 members, SIBOR serves real estate agents, brokers and affiliated professionals throughout the borough and surrounding areas.
SIBOR is the provider of the Staten Island Multiple Listing Service (SIMLS), which works as a clearinghouse through which more than 250 local real estate firms exchange information on properties they have listed for sale. Together, its members participate in over 3,000 real estate transactions every year.
All SIBOR members belong to the New York State Association of REALTORS® (NYSAR) and the National Association of REALTORS® (NAR).
SIBOR may be reached at 718-928-3220 and visited online at http://siborrealtors.com/.