Happy New Year and may 2014 bring all your dreams to reality! As we leave 2013 behind us, many of you might be thinking how 2013 fared in the real estate arena. More specifically, you may be wondering what the real estate climate was in our local market on Staten Island. Well there is good news for both sellers and buyers of real estate on Staten Island.
Below you will see the latest statistics for the island overall as of November, 2013.
November 2013
November was largely another encouraging month for residential real estate. Our attention has shifted from multiyear high prices and sales volumes to seller activity, inventory levels and building permits. And let’s not forget the calendar effect. As families gather together, fewer house hunters are scheduling showings and writing offers. Watch for month-to-month activity to moderate while year-over-year comparisons remain strong.
November was largely another encouraging month for residential real estate. Our attention has shifted from multiyear high prices and sales volumes to seller activity, inventory levels and building permits. And let’s not forget the calendar effect. As families gather together, fewer house hunters are scheduling showings and writing offers. Watch for month-to-month activity to moderate while year-over-year comparisons remain strong.
New Listings in Staten Island increased 37.6 percent to 304. Pending Sales were up 42.9 percent to 300. Inventory levels shrank 30.4 percent to 2,084 units.
Prices were fairly stable. The Median Sales Price decreased 0.2 percent to $399,375. Days on Market was down 5.1 percent to 156 days. Absorption rates improved as Months Supply of Inventory was down 44.2 percent to 7.3 months.
Recent economic and jobs data have surprised to the upside by exceeding expectations. This likely keeps the new Federal Reserve leadership on track for March 2014 tapering. Non-farm payrolls grew by 204,000 jobs in October, outperforming Wall Street expectations. In another bullish sign, August payrolls were revised upward to a 238,000 job gain – positive momentum that should support housing recovery. Just in time for the holidays.
| Monthly Indicators | ||
| + 41.6% | - 0.2% | - 30.4 |
| One-Year Change in Closed Sales |
One-Year Change in Median Sales Price |
One-Year Change in Inventory |
What is takeaway from all of this information?
The most crucial information is that the market is alive and kicking. With over 41% in more closed sales and a 30.4% drop in inventory compared to last year, the market is rebounding nicely. For those of you considering selling your property, 2014 will be a good year to do so. With less competing properties on the market, a priced-right property will be sure to sell in a timely manner. You will notice I stressed a priced right property...that is because although inventory is tight and volume of closed sales is up, prices are still 0.2% down from last year.
As for the buyers out there looking to purchase, 2014 may be the best time to make a deal. The reason for this is that even though the inventory is tight, prices have not appreciated overall. That combined with the fact that interest rates are still holding at historical lows, this may be your last window of opportunity to make a good purchase that will be sure to appreciate in the coming years. Not only will your property appreciate, but the cost of owning it in terms of your mortgage payment may be the lowest given the low interest rate environment.
Bottom line is that 2014 is good for both sellers and buyers to "Make the Move" and fulfill their real estate dreams whether you are a homeowner looking to sell, a buyer looking for your first or second home, or a new or seasoned investor.
If you would like to discuss your specific real estate market area on Staten Island, or want to review your real estate investment portfolio and strategies to maximize your wealth, I am only a phone call, email, or text message away! Please feel free to call on me with all your questions. Of course if you or someone you know is thinking of selling or buying, I welcome the opportunity to meet with them and help them get the best deal for them. Just let me know how I can get in touch with them and I promise to do my best to get the job done for them.
Posted by Vivian Kokkinos
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