STATEN ISLAND, N.Y. — November brought tragedy to many East Coast residents. The effects of Sandy created challenges to basic infrastructure, making an already devastating situation worse.
New Yorkers have a way of uniting during times of need. This is no exception. Where housing is concerned, constraints on buyer and seller activity are to be expected, but the rebuilding blocks for a full recovery remain – for the housing industry and for the communities affected by Sandy.
New Listings in Staten Island decreased 41.3 percent to 219. Pending Sales were up 19.9 percent to 241. Inventory levels shrank 26.6 percent to 2,534 units. Prices moved higher. The Median Sales Price increased 8.8 percent to $400,000. Days on Market was up 4.3 percent to 166 days.
Absorption rates improved as Months Supply of Inventory was down 38.2 percent to 10.5 months. There are three primary avenues to housing recovery: better market fundamentals, improved market composition and more jobs.
Many communities are enjoying better fundamentals that began well before the storm. But many areas are also seeing a lower overall share of distressed sales activity. In the months ahead, continue to watch hiring and unemployment trends.
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 viewed online athttp://siborrealtors.com. SIBOR may also be visited on Facebook at “Staten Island Living,” on Twitter via @SIBOR, and on YouTube at the Staten Island Board of Realtors and RelevantPR channels.
Media Contact: Barton Horowitz
Relevant Public Relations, LLC