Detached houses and condominiums show biggest gains

STATEN ISLAND, N.Y. (Aug. 15, 2012) – Sales of Staten Island homes climbed 10 percent from May through July, according to the latest statistics released by the Staten Island Board of Realtors (SIBOR).

“Overall, the numbers are looking positive,” said SIBOR president Georgianna Diaz. “There definitely are buyers in the market who are making offers and completing deals.”

According to the SIBOR report, housing inventory on the Island is down 11 percent and sales are up 10 percent for the three months ending July 31, as compared to the same period a year ago. The result is a 14 percent drop in “months of inventory,” down to 13.3 months.

“While still too high, the decline in ‘months of inventory’ is moving in the right direction toward a stable market,” said Sandy Krueger, CEO of SIBOR. “For the same three-month period in 2011, listings under contract have gone up over 30 percent, and are up 29 percent for the year to date; this a positive pair of numbers, looking toward better ‘sold-numbers’ going forward.”

Sold prices have flattened.  They are up 1.3 percent for the period and year to date.

Sellers will require a bit of patience, Krueger cautioned.

“The increased time to get listings into contract, married with the difficulties in getting to the closing table, should be factored into seller’s plans,” he said.

Days on market, the time it takes on average to sell a home, continues to rise as it approaches 200 days to get a listing into contract.

Detached houses and condominiums had the biggest gains although they also showed large drops in listings for those categories.

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