FOR IMMEDIATE RELEASE: WEDNESDAY, MAY 8, 2019
STATEN ISLAND, N.Y. – For much of the country, the first quarter of 2019 provided several disruptive weather patterns that contributed to less foot traffic toward potential home sales.
Coupled with low affordability, higher prices and an inventory situation in its infancy of recovering from record lows – not to mention several more days of wintry weather in April – slower sales persisted across most residential real estate markets. However, buyers are beginning to return in force this spring.
For well-priced homes in desirable locations, competition is fierce.
Newly released April statistics from the Staten Island Board of Realtors indicate:
- New Listings on the Island increased 2.8 percent to 736.
- Pending Sales were up 1 percent to 400.
- Inventory levels rose 6.8 percent to 2,134 units.
Home prices were a tad soft on the Island during the month, with the Median Sales Price decreasing 4.5 percent to $524,999.
Days on Market was up 22.7 percent to 103 days.
Staten Island home buyers felt empowered as Months Supply of Inventory was up 14.4 percent to six months.
Although hiring and wage gains have been below expectations, the national unemployment rate held firm at 3.8 percent. A historically low unemployment rate can provide reassurance to wary consumers.
However, in order for sales to increase on a grand scale, buyers will need more spending power, or sellers will need to reduce prices to land where buyers are most active. Neither situation is likely to occur in 2019, and yet inventory is straining to keep pace in the most competitive price ranges.
About the Staten Island Board of REALTORS® (SIBOR)
Established in 1915, the Staten Island Board of REALTORS® (SIBOR) is the largest professional association in Staten Island, N.Y.
SIBOR exists to enhance the ability and opportunity of its members to conduct their business successfully and ethically, and promote the preservation of the public’s right to own, transfer and use real property.
Comprised of more than 2,000 members, SIBOR serves real estate agents, brokers and affiliated professionals throughout the borough and surrounding areas.
SIBOR is the provider of the Staten Island Multiple Listing Service Inc. (SIMLS), which works as a clearinghouse through which more than 250 local real estate firms exchange information on properties they have listed for sale. Together, its members participate in over 5,000 real estate transactions every year.
All SIBOR Realtors belong to the New York State Association of REALTORS® (NYSAR) and the National Association of REALTORS® (NAR).
SIBOR may be reached at 718-928-3220 and viewed online at SIBORREALTORS.com. SIBOR may also be visited on Facebook at Staten Island Board of Realtors, on Twitter via @SIBOR, and on Instagram at SIBOR REALTORS (siborrealtors).
Media Contact: Barton Horowitz