Pending home sales climbed to 56.5 percent in February, Realtors report
STATEN ISLAND, N.Y. — Key indicators are sparking increased optimism for the future of Staten Island’s real estate market.
According to the latest data released by the Staten Island Board of Realtors (SIBOR) , the number of newly listed homes in the borough jumped 12.2 percent in February, when compared to the same month a year ago.
In addition, pending sales, or those under contract, were up 56.5 percent for the same period.
“Every arrow seems to be pointing in the direction of a healthier real estate climate on Staten Island,” said Georgianna Diaz, president of SIBOR. “Inventory levels shrank 5.3 percent, compared to February 2011. And, although the days on market increased 7.5 percent [174 days] last month, the median sales price for a home increased 5 percent to $380,500.”
When it comes to an improving real estate marketplace, Staten Island had an encouraging start to the year when compared to New York state as a whole.
The New York state housing market started 2012 with sales on par with January 2011, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS®.
Although Staten Island experienced a nearly 15 percent decline in “closed” sales in January, new listings on Staten Island increased 7.1 percent, when compared to the same month a year earlier; pending sales were up 41.9 percent and inventory levels shrank 3.5 percent.
The median sales price of a home on Staten Island decreased in January 3.9 percent to $370,000, when compared to the same period last year; the statewide median sales price in January of $212,500 represents a decrease of 5.3 percent.
“The economy and housing market haven’t totally healed, but it appears we are edging closer,” said Sandy Krueger, CEO of SIBOR. “I think we can now take a sigh of relief and look toward the future with optimism.”
Nationally, total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 4.3 percent to a seasonally adjusted annual rate of 4.57 million in January from a downwardly revised 4.38 million-unit pace in December and are 0.7 percent above a spike to 4.54 million in January.
Lawrence Yun, chief economist of the National Association of Realtors, said strong gains in contract activity in recent month’s show buyers are responding to very favorable market conditions. “The uptrend in home sales is in line with all of the underlying fundamentals – pent-up household formation, record-low mortgage interest rates, bargain home prices, sustained job creation and rising rents.”
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 Inc. (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.