In its entirety, 2013 proved to be a good year for housing. Home sales and prices were broadly higher across the nation, while foreclosure loads, the number of homes for sale and the number of days it took to sell a home were much lower. Multiple-offer situations, became commonplace again, and prices in many areas rallied to multi-year highs. This, of course, varied by location and segment, but the proverbial glass appeared to be more than half full throughout the year.
New listings in Staten Island decreased 0.5 percent to 207. Pending Sales were up 29.3 percent to 238. Inventory levels shrank 30.7 percent to 1,827 units.
Prices softened somewhat. The Median Sales Price decreased 2.6 percent to $375,000. Days on Market was down 18.8 percent to 140 days. Absorption rates improved as Months Supply of Inventory was down 44.8 percent to 6.4 months.
Housing is fortified by confident consumers and good jobs. The year 2013 was marked by a slowly improving labor market stunted by political gridlock, and the Federal Reserve’s long-awaited taper announcement was not surprising. Interest rates remain low (but upwardly mobile), prices are still affordable, the employment picture looks decent and the stock market is up nearly 30.0 percent from this time last year. It’s no wonder that buyers were active in 2013. Here’s to more of the same in 2014.
One-Year Change in Closed Sales: + 14.4%
One-Year Change in Median Sales Price: – 2.6%
One-Year Change in Inventory: – 30.7
Click here for full report about the entire Staten Island housing market.
Click links below for detailed housing information on the different geographic areas of Staten Island:
East Shore – Includes data from Arrochar, Grasmere, Old Town, South Beach,
Dongan Hills, Dongan Hills below Hylan, Grant City and Midland Beach
Gateway – Includes data from New Dorp, Oakwood, Oakwood Beach,
Oakwood Heights, Bay Terrace, Great Kills and Eltingville
Greater St. George – Includes data from Ft. Wadsworth, Concord, Shore Acres, Rosebank,
Clifton, Stapleton, Thomkinsville, St. George, Ward Hill, Park Hill and Grymes Hill
Heartland – Includes data from Willowbrook, Manor Heights, Bulls Head, New Springville,
Heartland Village, Travis and Latourette
North Shore – Includes data from New Brighton, Snug Harbor, Livingston, Randall Manor,
West Brighton, Port Richmond, Mariners Harbor, Graniteville, Arlington, Bloomfield and Elm Park
South Shore – Includes data from Annandale, South East Annandale, Arden Heights, Rossville,
Woodrow, Huguenot, Princess Bay, Pleasant Plains, Charleston, Richmond Valley and Tottenville
The Hills – Includes data from Emerson Hill, Todt Hill, Lower Todt Hill, Light House Hill,
Richmondtown, High Rock, Dongan Hills Colony and Emerson Hill
The Lakes – Includes data from Westerleigh, Sunset Hill, Sunnyside, Royal Oak, Silver Lake, Clove Lakes and Castleton Corners