FOR IMMEDIATE RELEASE:
THURSDAY, JULY 11, 2013
Latest Numbers Highlight ‘Vastly Improved’
Housing Market on Staten Island
STATEN ISLAND, N.Y. – Staten Island’s latest housing data show a marked improvement in the borough’s real estate marketplace.
Statistics released today by the Staten Island Board of Realtors (SIBOR) reveal a 35 percent increase over the combined months of April, May and June in the number of listings that have gone into contract, as compared to the same period a year ago.
“The numbers, compiled by the Staten Island Multiple Listing Service (SIMLS), reflect a vastly improved market,” said Traci Cangiano, president of the Staten Island Board of Realtors. “Even when comparing the year-to-date statistics, the activity on Staten Island is better during the three-month reporting period than anytime earlier in the year.”
Also reflecting major improvement, closed sales on the Island jumped 32 percent, as compared to April, May and June of 2012.
Staten Island Board of Realtors CEO Sandy Krueger said, “The month of June had the largest single number of reported closings since November 2009.”
According to the SIBOR report, home prices, as compared to the same period a year ago, show modest gains of 5 percent for closed sales, but remained relatively flat for properties under contract.
The number of new listings is up for the three-month period, but down for year to date.
The resulting number of active listings is down a significant 22 percent from the same period in 2012.
“Combined with the higher closed numbers, there is a significant reduction in the Months of Inventory, down from 12 to 8.12 months, which seems to indicate activity is moving steadily toward a seller’s market,” Krueger said. “Concerns about rising interest rates and a feeling that the market has past the bottom are certainly factors. In addition, Hurricane Sandy-affected areas are probably impacting inventory levels as owners wait for definitive answers on how to move forward.”
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 718-979-0007 and viewed online at http://siborrealtors.com. SIBOR may also be visited on Facebook at “Staten Island Board of Realtors,” on Twitter via @SIBOR, and on YouTube at the Staten Island Board of Realtors and RelevantPR channels.
Media Contact: Barton Horowitz