FOR IMMEDIATE RELEASE: MONDAY, DEC. 9, 2019
Staten Island Home Prices Show Little Change in November
STATEN ISLAND, N.Y. – Newly released figures from the Staten Island Board of Realtors® (SIBOR) reveal the cost of buying a home on the Island remained fairly stable in November, with a median sales price of $572,500. The figure represents a decrease of 0.4 percent as compared to the same month a year ago.
“The market on Staten Island continues to be balanced and does not appear to be leaning toward a buyers’ or sellers’ market,” said Sandy Krueger, CEO of SIBOR. “While other boroughs seem to be experiencing swings, our market presents a fair opportunity for consumers.”
November’s “Days on Market” statistic was up 21.1 percent, expanding to 98 days, as compared to the same time last year. Home sellers, however, were encouraged, as the “Months Supply of Inventory” was down 1.6 percent to 6.2 months for the same period in 2018.
As compared to a year ago, new Staten Island listings in November decreased 9.7 percent to 418. Pending Sales were up 9.9 percent to 312, and inventory levels fell 4.3 percent to 2,165 units.
The Federal Reserve reduced its benchmark rate in November for the third time this year. This action was widely anticipated by the market. Mortgage rates remained steady in the month and were still down more than 1 percent from the same time last year.
With residential new construction activity continuing to rise nationally, the U.S. Commerce Department reports that new housing permits rose 5 percent in October to a new 12-year high of 1.46 million units.
Media Contact: Barton Horowitz