STATEN ISLAND, N.Y. — ‘Pending Home Sales’ on Staten Island showed signs of recovery as 2011 came to a close.

According to the latest figures released by the Staten Island Board of Realtors (SIBOR), the Island’s “Pending Home Sales,” or homes “under contract,” were up 3.2 percent for the combined months of October, November and December 2011, when compared to the same period in 2010.  A comparison between each of the entire two years reveals an overall drop of 4.7 percent in 2011.

“The pending sales indicated an upward trend at the end of the year,” said Georgianna Diaz, president of SIBOR. “A similar situation exists for “Closed Sales,” which were up 8.7 percent for the same three months, but down 6.2 percent for the year.”

Home prices showed a modest drop of 2.6 percent for the year, as compared to 2010. 

At the close of 2011, “Days on Market,” the average number of days it takes to sell a listed home, reached 180.

“Sellers need to take this into consideration when deciding how to market their properties,” said Sandy Krueger, CEO of SIBOR. “All things are relative. Homes in better condition, that are priced to sell, will naturally move more quickly on the market, and well under the 180-day average.”

Properties going under contract showed a modest rise for the final three months of 2011, and overall market activity seems to be modestly improving, according to the SIBOR report.

NATIONWIDE STATS

Nationally, after reaching a 19-month high, pending home sales eased in December but stayed above year-ago levels, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator based on contract signings, declined 3.5 percent to 96.6 in December from 100.1 in November but is 5.6 percent above December 2010 when it was 91.5. The data reflects contracts but not closings.

Lawrence Yun, NAR chief economist, said the trend line remains positive. “Even with a modest decline, the preceding two months of contract activity are the highest in the past four years outside of the homebuyer tax credit period,” he said. “Contract failures remain an issue, reported by one-third of Realtors® over the past few months, but home buyers are not giving up.”

Yun said some buyers successfully complete the sale after a contract delay, while others stay in the market after a contract failure and make another offer. “Housing affordability conditions are too good to pass up,” he said. “Our hope is lending conditions will gradually improve with sustained increases in closed existing-home sales.”

The PHSI in the Northeast declined 3.1 percent to 74.7 in December and is 0.8 percent below a year ago. In the Midwest the index rose 4.0 percent to 95.3 and is 13.3 percent higher than December 2010. Pending home sales in the South slipped 2.6 percent to an index of 101.1 in December but are 4.9 percent above a year ago. In the West the index fell 11.0 percent in December to 107.9 but is 3.7 percent higher than December 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 1,600 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/. SIBOR may also be found on Facebook at “Staten Island Living,” and followed on Twitter: @SIBOR.