GRAPH UPWARD

November-2014With 2015 near, some are pontificating about a potential change in interest rates. With virtually no inflation, rates will likely remain low for most of 2015 but could flirt with 5.0 percent toward the end of next year. Construction permits and housing starts have upward momentum, which is news in some areas but familiar in others. Prices should continue their ascent but at a tempered pace compared to recent years, which helps preserve affordability for first-time buyers.

New Listings in Staten Island decreased 17.5 percent to 250. Pending Sales were down 2.7 percent to 257. Inventory levels fell 22.3 percent to 1,917 units. Prices continued to gain traction. The Median Sales Price increased 1.0 percent to $402,500. Days on Market was down 19.7 percent to 125 days. Sellers were encouraged as Months Supply of Inventory was down 22.6 percent to 7.0 months.

 

It has largely been another recovery year in 2014, yet mortgage credit and student debt remain obstacles even as the U.S. leads the global economy toward recovery. As this recovery matures, many metrics are approaching a healthy balancing point. Rates have remained much lower than most forecasters expected, and inventory levels finally started rising in most areas as sellers generally listed more properties as a result of stronger prices. Job growth should continue and wage growth is expected to pick up.

 

Monthly Indicators
– 18.0% + 1.0% – 22.3%
One-Year Change in Closed Sales One-Year Change in Median Sales Price One-Year Change in Inventory
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