FOR IMMEDIATE RELEASE:
MONDAY, NOV. 21, 2011
Staten Island Home Sales Leap Nearly 14 Percent In 3 Month Year-to-Year Comparison
Home sales under contract for the same period rise a whopping 21.2 percent
STATEN ISLAND, N.Y. – On Thursday, hundreds of Staten Islanders can celebrate Thanksgiving in their new homes for the first time.
According to the latest report 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.
“I see this as a very promising sign for the local market, particularly with continuing appraisal and lending guideline issues that have made the lead time to complete a transaction longer than we have ever seen them,” said Sandy Krueger, SIBOR CEO.
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.
“This is the most promising number in this month’s report and it is consistent across all residential property types,” Krueger said.
Viewing the whole of the Northeast, the National Association of Realtors (NAR) reported a 6.8 percent rise for the region in September, as compared to the same month in 2010.
Nationally, existing-home sales were down in September on the heels of a strong gain in August, but remain well above a year ago.
Total existing-home sales declined 3 percent in September, but are 11.3 percent above the pace of September 2010, according to the NAR.
Year to date, the volume of Staten Island home sales is off 9.5 percent, partially a result of the federal home-buyer tax incentives of 2010.
“Sellers need to keep in mind that average lead times are growing, and decisions about when to list need to factor that in,” Krueger said. “Buyers need to realize that although prices have continued to move downhill slightly in our market, trying to time the bottom is a fools game. The best time to buy is when you find a property that you know will best suit the needs of your family. And today’s low mortgage rates are much more important over the long haul than a few thousand dollars of purchase price.”
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.
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Relevant Public Relations, LLC
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