Market Trends

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April 2012

Sometimes the best answers aren’t right under your nose. For example, the most popular market indicator is home prices. But prices are what we call a lagging indicator, because they reflect closed sales. Leading indicators are forward-looking. Watch activity related to list price received at sale, days on market and months supply of inventory to see how sellers might be regaining their pricing power. Favorable supply-demand trends may be ticking away from the buyer for the years Moral of the story: Price is but a single picture in the gallery.

New Listings in Staten Island increased 6.4 percent to 597. Pending Sales were up 31.9 percent to 273.  Inventory levels shrank 9.7 percent to 3,114 units.

Prices enjoyed a boost. The Median Sales Price increased 2.6 percent to $390,000. Market Times were down 1.0 percent to 182 days. The supply-demand balance stabilized as Months’ Supply of Inventory was down 24.4 percent to 13.8 months.

When monitoring residential real estate activity, it is always important to keep tabs on the overall economy and job growth. Preliminary Q1-2012 GDP growth came in at 2.2 percent, which, while disappointing to some observers and slower than Q4-2011, still signals economic expansion and not contraction.  Expedited bank processing and easing lending standards are also encouraging developments.

Monthly Indicators
+ 4.3%	+2.6%	- 9.7%
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