FOR IMMEDIATE RELEASE: TUESDAY, APRIL 7, 2020
STATEN ISLAND, N.Y. – As COVID-19’s impact spread across the United States in March, Staten Island’s housing market experienced a 32.9 percent decrease in new listings, as compared to the same month a year ago, according to the latest data from the Staten Island Board of Realtors® (SIBOR). Pending sales were lower as well, sliding 11.6 percent.
“March 2020 will be remembered as the month when everything changed. New York state had to decide which industries were essential and which needed to stand down in order to get the COVID-19 under control,” said Sandy Krueger, CEO of SIBOR. “Real estate was eventually ruled an essential service – but one that needs to operate in a virtual manner. Our industry understands that everyone’s health and safety is the number one priority. Over time, as the housing market reinvigorates, we will be embracing new ways for improving our professional services. Staten Island’s Realtors salute Gov. Cuomo and his efforts to beat the virus, and we are here to do our part.”
In March, the Island’s housing inventory levels fell 17.6 percent, and prices continued to gain traction with the median sales price increasing 2.8 percent to $550,000.
“Days on Market” was up 18.9 percent to 119 days, and “Months Supply of Inventory” was down 18.7 percent to 5.3 months.
With volatility across all the financial markets, lenders nationwide began tightening underwriting standards and some buyers found they no longer were approved for a loan. Massive layoffs also shook the economy with 6.6 million initial jobless claims filed at the end of March.
While the effect of COVID-19 is varied throughout the country, we are likely to see impacts to housing activity now and into the coming months. Its continued spread is leading many companies and consumers to change their daily activities.
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