FOR IMMEDIATE RELEASE: WEDNESDAY, MAY 6, 2020
STATEN ISLAND, N.Y. – Staten Island home values climbed in April, despite a pounding upon the borough’s real estate market by the economic turbulence of the COVID-19 pandemic.
The Median Sales Price in April of an Island home increased 9.6 percent to $570,000, an increase of $50,000, as compared to the same month a year ago, according to the latest data report from the Staten Island Board of Realtors® (SIBOR). The current figure represents a $20,000 jump since March.
While the effect of COVID-19 continues to vary widely across the country, it is expected that social distancing, higher unemployment, and lower overall economic activity is likely to continue to constrain real estate activity in the near term. At the same time, however, the industry is adapting to the current environment by conducting business in new and safe ways.
Staten Island real estate professionals, for example, are responding to the needs of home sellers and buyers by utilizing new technologies, such as virtual live-streaming showings and open houses, digital transactions, and more.
“Industry professionals and consumers are learning to deal with a new normal in real estate,” said Sandy Krueger, CEO of the Staten Island Board of Realtors®. “Going forward, we anticipate the use of streaming – in the process of buying, selling, or renting – to remain desirable, even after vaccines become available. We have been catapulted into a new way of doing business, which is proving to be more productive for all participants in the process.”
New home-listings on Staten Island decreased 87.3 percent in April to 96, as compared to the same period last year, with pending sales dropping 67.9 percent to 125, inventory levels falling 30.9 percent to 1,684 units, and “Days on Market” rising 6 percent to 110 days.
Sellers were encouraged in April, as “Months Supply of Inventory” was down 26.8 percent to 5.1 months.
While the stock market recovered significantly in March, the effects of COVID19 on the economy continue to build. In just the last four weeks, more than 20 million people across the nation – coping with stay-at-home orders and a slowdown of economic activity – filed initial unemployment claims, according to the United States Department of Labor.
Added to the unemployment claims from March, more than 30 million people have become unemployed since COVID-19 became widespread in the U.S.
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