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Category Archives: Staten Island Real Estate Market
Staten Island residential home sales reach 243, a nearly a 15% jump from October, and a 29% leap from last November.
Are there signs that Staten Island’s real estate market is thawing from last year’s dismal home sale numbers? Well, it’s way too soon to tell at the moment, but 3 out of the last 4 months have seen total residential home sale numbers above 200. Like I stated in October’s market report, there is a considerable amount of correlation on home sales numbers reaching above or below the 200 sale mark, as they relate to the Staten Island real estate market’s direction.
The Staten Island Real Estate Market report from the real estate brokerage of RealEstateSINY.com
While the total home sale numbers are improving, there are still some important numbers that have not really moved all that much. Median home sales prices have basically within the year to date averages, so not much to speak of there.
Two particular stats of interest, and usually good leading indicators were a little surprising, seeing that home sales numbers improved considerably over the last two months. First Days on the market, the other is percentage of list to sell prices. The average days on the market were the same as October, standing in at 147 days, and stood above the year to date average of 142 days, again, a little surprising seeing the amount of sales this month. The other, percentage of list to sell prices fell just a shade below the year average of 93.85%, standing in at 93.55%. It’s these two numbers that are good leading indicators, however, have shown little movement in a direction that suggests values will improve in the near term.
One good leading indicator is the month’s inventory has dropped by more than 2 months, from 15 months to a shade under 13 months. This number basically tells you how many months it would take to sell only the current inventory of homes on the market, based on the total of monthly sales divided into the current active inventory. So, it is indicative that more homes are selling than coming on the market when this number begins to shrink.
There are some questions moving forward positive ones that aren’t necessarily tied to real estate. Consumer sentiment is on the rise; retail numbers are indicative of that. Consumer sentiment will likely run in tandem with real estate market. The key is, is this latest upswing in Staten Island home sales a trend or a blip. The blip scenario has been in play the last 2 years and that been mainly due to tax credit mania in 2009 and 2010. This time around that’s not the case, and this may be the first real indication of the real estate markets sustainability. However, it will take at least another 3 months of solid data to establish this latest run as a trend. Stay tuned…
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Front of Stonegate Condo
Front of Stonegate Condo
In Grasmere’s prestigious Stonegate community, you will find the contemporary condominium of 152 Stonegate Drive. The home is located in the heart of Grasmere, on a quiet and residential block.See complete listing for 152 Stonegate Dr.
As you enter the house, you will find a closet to your left, accompanied by a staircase. Turning around, you will see a spotless living room and dining room combination, which has a mirrored wall. Past the combination, you have a bathroom on the left, followed by the large, eat-in-kitchen on the right. The kitchen is equipped with a refrigerator, a dishwasher, an island, and sliders to the backyard. Without even departing the kitchen, you will find that the backyard is quite large and private. Now that you’ve seen the first floor, you can make your way back to that staircase that you passed on your way and start climbing the fight of steps. Just ahead, you will find one of this floor’s bedrooms. Next to this bedroom is the master bedroom, which is accompanied by the full, contemporary bathroom, which is fully-tiled. To the right of the bathroom is the laundry room, which is equipped with a washing machine and a dryer. It is adjacent to a linen closet, which is next to the last bedroom of this floor. Now that you have made your complete circle around this floor, you can ascend the next flight of stairs to the loft. The loft has actually been used as a master bedroom, with its two large, walk-in closets. It is a very large, private setting, with plenty of light emitting through the fenestration.
Master Bedroom
There is no shortage of transportation here. Not too far from the house, you can reach the Grasmere Train Station, which will take you to points between Tottenville and the St. George Ferry Terminal. At this station, you will find that the local s53 bus passes by, taking passengers along Clove Road to Port Richmond or into Bay Ridge, Brooklyn. On Targee Street and Richmond Road, depending on which direction you are planning to travel, you can hop on the s74, which takes you to the St. George Ferry Terminal or the Bricktown Mall, or the s76, which will also take you to the St. George Ferry Terminal or to the neighborhood of Oakwood. Also on these parallel streets, you have access to the x15 express bus, which will take you along Verrazano-Narrows Bridge and into Lower Manhattan.
There are plenty of schools in the vicinity in which your children may attend. P.S. 48, at 1055 Targee Street; the Staten Island Community Charter School, at 209 St. Paul’s Avenue; Concord High School, at 109 Rhine Avenue; and the Michael J. Petrides School, at 715 Ocean Terrace, are the closest public schools in the area. The closest Catholic schools are the St. Sylvester School, at 884 Targee Street; the Academy of St. Dorothy, at 1305 Hylan Boulevard; the Holy Rosary School, at 100 Jerome Avenue; St. Joseph’s Parochial School, at 139 St. Mary’s Avenue; St. Joseph Hill Academy High School, at 850 Hylan Boulevard; and St. John Villa Academy, at 25 Landis Avenue. Other private schools close to the home are the Trinity Lutheran School, at 309 St. Paul’s Avenue, and the Staten Island Academy, at 715 Todt Hill Road. Keep in mind, however, that in order to find out which school your child may be zoned for, you must contact your local public school board or school administration.
For more information on this condo for sale, or to find information on other Staten Island condos for sale you can contact Cynthia Dgheim or Valerie Bartolone, Licensed Sales Associates with RealEstateSINY.com at (718) 668-0423. Read more
Well, if you’re looking for an end to the real estate roller-coaster ride on Staten Island, September shows that there isn’t much pressure being applied to the breaks.
After posting a total of 266 residential home sales that includes co-ops and condos in August, September was only able to muster up 188 home sales. That’s off about 29% off from August. However, in retrospect, August saw a 40% gain in home sales from July. So, I believe, last month’s home sale numbers were a bit of an anomaly based on pent-up demand from the cold winter months. The anomaly I speak of is something I discussed in last month’s report.
So, based on this month’s home sale data, can we make any assertions about Where is the real estate market heading? The short simple answer is no, not really. The market has basically bounced around the 200 unit residential home sales per month for two years running, with a few blips here and there from some of the tax credit incentives. However, there is a silver lining and that is values have been relatively stable for some time now. When you look at the past three years, there are little discernable differences in many of the real estate However, I would be confident in saying any sustainable improvement in home values is in the cards in the foreseeable future.
The numbers are a tell all in making that assumption, as the Average days on the market it takes to sell a home, year to date(YTD), is 141 days, In 2010 it sat at 142 days and in 2009, 143 days. The median home sale prices from 2009 to this year were $375,000, $380,000 $379,000 respectively. Then we move to average percentage of list to sell prices, 93.68, 93.65, 93.83. So, in three key stats, the market has been virtually flat for 3 years. Considering what’s going on with real estate around the country consider these numbers a good thing.
However, there is one number, which isn’t such a good leading indicator and that’s month’s inventory stats. This is a figure considers how long it would take for all current listed home to sell over a specific period based on the amount of home sales that took place on one particular month. That number stands in at a bit over 15 months (YTD) year to date. In the past two years, Staten Island’s months’ inventory stat stood at 12 and 14 months respectively. A decline in the amount of home sales volume this year is clearly evident based on this number alone. So, how the market responds to a slow first 3 quarters of 2011 will be a key in determining if home values erode further moving into the final quarter and the first quarter of 2012. To this point, it hasn’t impacted values, but it’s something to be monitored in the coming months.
Overall residential (includes one family and two-family homes, condos and co-ops) home sale volume has been slowed quite a bit year to date, down 17 percent from last year at this time. It also marks the lowest volume of home sales in more than 12 years. So, to say there isn’t some systemic issues in the market place would be understating the obvious. However, it seems at points throughout the year we get a spurt or two that props up the market a bit.
There are some indications this are looking up at least from a sales volume perspective, activity seems to have increased over the past month. More potential buyers are seeing interest rates plunge below 4 percent over the last several weeks as a reason to explore, if not enter the market. Consequently, I wouldn’t be surprised if November and December’s numbers improve a bit.
Below are some key year to date (YTD)stats in this month’s real estate report:
Total Year to Date home sales: 2360
Total active residential home listings on Staten Island: 3220
Average days on the market for a home to sell: 141 Days
Median Home Sales Price: $379,500
Average Home Sale Price: $410,959
Percentage of List to sell prices: 93.83
Once upon a time we did these reports back on Staten Island: Real Estate, News, Advice and information. We changed the blog format a little bit and now our real estate reports will appear here on Trending SINY, where once a month you will find a rundown on the latest home sales statistics affecting our local real estate market. I hope you find the new format little bit easier to navigate, not to mention a little bit easier on the eyes. So let’s delve into what happened as of last month and highlight some of the key statistics to see where our local market may be heading.
With 264 home sales in August, it marks the highest sales total year-to-date. It also marks the 41% increase in total home sales from July.
The Staten Island real estate market in the first half of this year was cold, just like the winter weather we had in January and February. From February to May of this year, Staten Island didn’t break the 200 sales mark, and represented one of the lowest stretches of volume home sales since the financial crisis back in late 2008 and 2009. The year-to-date numbers on total home sales were down from this year to last year 19%. On the flip side, August sales numbers buoyed our real estate market significantly and represented the highest sales total since December 2009, with the exception of the tax credit induced home sale total back in June of last year when 425 homes sold. While it might seem an anomaly of sorts, it reflected the likelihood that our cold winter season had placed buyers sidelined for a period of time. For a period of almost a month and a half over 4 feet of snow buried Staten Island. The foul weather considerably limited potential home buyers from traversing treacherous streets–not to mention the huge snowfall left a huge blanket over many homes’ exterior aesthetics, leaving buyers to guess what an in-ground pool or landscaping looked like once the snow melted.
You have to draw the distinction that weather played a huge factor because little else in the economic fundamentals would indicate much else in seeing the meteoric rise of home sales in the month of August. Interest rates and unemployment over that same period really saw little if any change. However, it shows that the market still can produce pent-up demand.
While the number of home sales for the year is down year-to-date, very little in the real estate statistics has changed much. The median home sales price year-to-date (YTD) is exactly $380,000 which is the same as last year at the same time. Also, the home’s days on the market, standing in at 142 days is exactly the same as it was last year at this time. Furthermore, the percentage of list-to-sell prices from last year are nearly the same as well, in at about 93 and three-quarter percent of the home’s asking price being covered by the buyer.
However, one number that remains a little bit disconcerting is month’s inventory. Basically, month’s inventory is identified as how many months it would take all available properties on the market to sell, if no other homes were into the marketplace on one particular date. That stands in that little over 15 months YTD, where last year the YTD average was 11 3/4 months. When you look at last month’s actual inventory of homes on the market, it stood at 3305; you’d have to go back to November 2008 to see the same amount of homes available at any one given time. That, quite frankly, is reflective of how the slow real estate market on Staten Island is in the first half of the year. However, the month’s inventory number dropped to 12 1/2 months this past month.
So here are some key stats for the month of August:
The available homes on the market on Staten Island (which include one family homes, two-family homes, condos and co-ops) currently amounts to 3305 Staten Island homes for sale.
The median sold price for August came in at $391,000, which was above the average year-to-date $380,000.
The average days it took on the market for a home to sell in August fell to 128 days from 147 days back in July. It is also below the year-to-date average 142 days.
The percentage of list-to-sell of homes that sold in August climbed a bit to 94.16% from July, and stands in at 93.84%. This was also above the year-to-date average of 93.77%.
So there you have it–the quick rundown on some of the market numbers that you should be aware of when considering moving. Check back at the beginning of each month and we will feature a report on the prior month home sales in Staten Island real estate market statistics and give you key insights into what these numbers may mean for you. For more information on how much your home is worth you can always -contact us at RealEstateSINY.com (718) 668-0423.
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