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January 2012

For once, the headlines are getting it right: “Supply-side correction continues,” “Home buyer demand strengthening,” “Market heads toward balance.”   There is a very real sense that the landscape is shifting.  We don’t want to overstate the case this month, as this coming spring will be the bellwether.  It’s been plus or minus five long years since the peak of the housing bubble and the ensuing aftermath.  As we delve into a new year, let’s see if the first month of the sixth year brought any encouraging signs.

New Listings in Staten Island increased 7.1 percent to 512.  Pending Sales were up 41.9 percent to 183.  Inventory levels shrank 3.5 percent to 2,865 units.

Prices softened somewhat.   The Median Sales Price decreased 3.9 percent to $370,000.   Market Times were up 1.3 percent to 153 days.   Absorption rates improved as Months Supply of Inventory was down 2.7 percent to 13.5 months.

No one likes feeling stuck.   The fate of housing and the economy remain tied together in a single garment of destiny.  As long as housing remains weak, many Americans are unable to relocate when an employment opportunity arises.   Instead, they’re anchored to a house that’s underwater.   Several key efforts aimed at easing refinancing, converting vacant properties to rentals and getting some private equity in the game are all reasons to stay alert and informed.

Monthly Indicators
- 14.9%	- 3.9%	- 3.5%
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 Corners