STATEN ISLAND, N.Y. (July 19) — We’re halfway through 2012, and what a year it’s been.

According to the Staten Island Board of Realtors, residential real estate has finally taken some meaningful strides toward recovery, and they’ve all been self-powered without divine (or governmental) intervention.

There is real reason to believe that market turnaround awaits us. Beyond home prices, key metrics to watch include Days on Market, Percent of List Price Received and Months Supply of Inventory. In June, several indicators showed improvement on Staten Island.

Sales of existing single-family homes, condos and co-ops have increased by 5.3 percent in the first six months of 2012 compared to last year, according the housing market report released today by the New York State Association of REALTORS.

The statewide median sales price continues to show a stabilization trend despite easing slightly from a year ago.

‘SOLID SIGNS’ OF CONFIDENCE

“With half of 2012 in the books, New York’s housing market is showing solid signs of renewed consumer confidence in housing,” said Duncan R. MacKenzie, NYSAR CEO. “With a 15-percent increase in pending sales compared to 2011, we continue to project a solid summer season, which is typically the busiest time for homebuyers in the Empire State.”

“The newly released Siena Research Institute report showing that consumer real estate sentiment reached its highest point in 10 quarters provides further reason to believe that the third quarter will be strong,” said MacKenzie.

“Additionally, we believe our housing market will be further helped by the federal five-year reauthorization of flood insurance, which will bring certainty to real estate transactions in the communities where this insurance is required for a mortgage,” MacKenzie added.

SIX MONTHS OF DATA

Between January 1 and June 30, 41,164 homes were sold representing an increase of 5.3 percent compared to the same period last year. Closed sales jumped 6.7 percent in the 2012 second quarter compared to the 2011 second quarter, reaching 23,421. June sales remained on par with last year at 8,865.

In addition to the 15-percent increase in year-to-date pending sales, the second quarter posted a 13.1-percent increase in pending sales compared to the 2011 second quarter. Pending sales were also up in June by nearly 5 percent compared to June 2011.

The market continues to move closer to a balance between supply and demand as indicated by the months supply of inventory decreasing by 25.2 percent to 12.2 months compared to a year ago. Inventory shrank 17.4 percent to 97,997 units in the second quarter.

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 viewed online at http://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 Inquiries:

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