FOR IMMEDIATE RELEASE: WEDNESDAY, JULY 8, 2020
STATEN ISLAND, N.Y. – Home prices on Staten Island continued to gain traction in June – in tandem with the strengthening of real estate activity in many areas of the United States. As much of the nation worked on a phased economic reopening during the month, the Median Sales Price for a Staten Island home increased 7.3 percent as compared to June 2019, according to the Staten Island Board of Realtors® (SIBOR). Last month’s figure hit $590,000.
“Staten Island’s June statistics reflect a market that was still in a New York Phase-1 shutdown until June 22,” said Sandy Krueger, CEO of SIBOR. “Since then, having entered into Phase 2, we have experienced a robust return to activity in new listings, showings, open houses and accepted offers. July results will better reflect the pent-up demand that we see from both sellers and buyers.”
In June, New Listings for homeson Staten Island decreased 29.1 percent to 484, as compared to the same month in 2019, reports SIBOR; Pending Sales were down 49.5 percent to 185; Inventory Levels fell 26.0 percent to 1,968 units, and the Days on Market statisticwas up 26.2 percent to 121 days. Sellers were encouraged in June as Months Supply of Inventory was down 10.6 percent to 6.9 months.
While buyer activity continues to be robust nationally, seller activity continues to be a bit softer, with fewer homes being listed for sale than a year ago. Many housing experts believe sellers remain reluctant to list their homes due to continued concerns over COVID-19, which was beginning to see a resurgence in June. Until sellers regain confidence, housing inventory will continue to be constrained during what is expected to be an active summer selling season.
Nationally, as tracked by residential real estate statistics service ShowingTime, June showing activity was notably up from the COVID-19 depressed levels in recent months, but the showing activity was also up from the same month a year ago, reflecting pent-up demand by prospective home buyers.
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