Realtors Report Home Prices On Staten Island Are Climbing

Survey of June, July and August reveals 'Days on Market' dropped nearly 4 percent as compared to the same period a year ago

STATEN ISLAND, N.Y., Oct. 5 - The cost of buying a home on Staten Island is inching up.

The borough's home prices rose over the summer, when compared to the same period last year, according to the latest report from the Staten Island Board of Realtors (SIBOR).

The median price of a home in the borough for the rolling average of June, July and August was $390,000, which was 5.4 percent higher than the same period in 2009.

The report additionally indicates that the number of homes sold on the Island was almost unchanged, but that the "Days on Market" went down nearly 4 percent.

"While this activity is still very much a remnant of the 2010 federal tax credit that expired in April, continued record low mortgage rates, that surely won't last forever, should signal to buyers and sellers that the time to complete a transaction for qualified buyers and motivated sellers is now," said Sandy Krueger, CEO of SIBOR.

According to SIBOR's year-to-date statistics, the Island experienced a 9.2 percent increase in home sales this year in comparison to 2009.

"There is no way to time a market. The best time to buy is when you find the property that best meets your needs," Krueger said.

Recent lender disclosures in the foreclosure environment and changing mortgage guidelines make attempts at timing ever more difficult, he added.

"What is most valuable today for buyers and sellers is someone who can interpret the volumes of changing statistics and guidelines and provide a roadmap to a successful transaction."

The statewide housing market also experienced strong median price growth compared to August 2009, according to the preliminary single-family sales data accumulated by the New York State Association of REALTORS.

The state's August 2010 median sales price of $240,000 represents an increase of 9.1 percent compared to the July 2010 median of $220,000, and an increase of 20 percent from the August 2009 median of $200,000.

Sales within the state increased in August from July by 3.7 percent, but remained 30-percent below the August 2009 total.