Real Estate Staten Island, NY logoIt looks like clear evidence first time home buyer tax credit has spurred positive sales numbers over the last four months. As far as Home prices are concerned, they have been basically stable in many areas. However, home sales at the higher end (above $550,000) still continue to struggle.

The median home sales price for October was $370,000, matching September’s median home sales price. Homes days on the market is relatively stable, but saw a jump of 10 days from Septembers figure of 132 days on the market. However, it was the first rise in days on the market in the last 10 months. The average days it took for the homes that did sell in October was 142 days. While it’s to soon to draw any distinctions from the number at this point, it’s something worth watching.  List to sell prices remain intact, with Octobers home sales having an average list to sell price of 94%, so sellers were giving an average discount of 6% on their list price in order to sell. As a point of reference, March ‘09’s ask to sell percentage was the year to date low, with an average discount of 7.1%. Consequently, you have to go back more than a decade, 1997 to be exact, to find a similar number. Mind you, the stock market prior to March was in a wild roller coaster ride, which was likely the largest contributing factor in the number. There was clear indications in the many stats through last years final quater and this years 1st quater, Staten Island’s real estate market was heavily impacted by Wall Streets wild swings, as Wall Street stablized so did the real estate numbers.  

Market share of homes sold over $550,000 are only 1/3 of what they were when the real estate market was at its height.
 
High end home sales of more than $550,000 have been a continuing to see decline of market share of total homes sold. Back in 2005/2006 homes that sold over 550,000 represented 22.1% of the markets sales. Today, that number is down to 15% of the market. While it might not look like much of a difference, but when you compare volume of sales from now to then it’s a pretty sharp contrast. Over the same year to date period 2005/2006 there were 944 residential home sales over $550,000; this year, year to date, it stood at 345 sales, and that’s about a 63% decline over 4 years. There is a silver lining though, homes sales in the $550,000+ range have seen some increase over the last four months. It’s a real estate market that continues to look for affordability. As you move up the price scale above $550,000 its clear things are moving much slower.

Improvement in the real estate market is clear, unemployment is key to sustainability.
 
The numbers overall indicate improvement it market conditions. However, the largest factor on sustaining positive numbers rests in an improved labor market. It shouldn’t come as any surprise, as long the unemployment remains an issue, the real estate market in general will have issues with positive growth.
 
For a comprhensive assessment of market conditions in your neighborhood, you can subscribe to Market Snapshot. The Market Snapshot gives you a comprehensive look at real estate data and recent home sales data for Staten Island similar to what I discussed here. You can get it by following the link. Sorry folks, its limited to Staten Island. If you have any specific questions about home values or anything real estate related you can e-mail me at Anthony@realestatesiny.com or call 718-924-4856.

Note: Statistics come from Staten Island MLS data (SIBOR) and reflect data limited to single and two family homes, condos, and co-ops. Information is subject to error.