FOR IMMEDIATE RELEASE: THURSDAY, SEPT. 10, 2020
STATEN ISLAND, N.Y. – Staten Island’s residential real estate market moved powerfully forward in August, in tandem with America’s housing and stock markets, according to the latest report from the Staten Island Board of Realtors® (SIBOR).
During the month, New Listings for homes on the Island increased 36 percent to 756 versus 556 in August 2019, and Pending Sales were up 68 percent to 635 versus 378. Inventory levels fell 12.1 percent to 2,298 units.
“In August, the Staten Island housing market continued to absorb pent-up demand resulting from the virtual shutdown of real estate activity from March through June,” said Sandy Krueger, CEO of the SIBOR. “And, for many people, stay-at-home directives triggered by the pandemic have initiated new expectations regarding the functional capabilities of their home, such as having adequate space for work, schooling and physical fitness.”
Home prices in the borough were a tad soft as compared to the same month a year ago, with the Median Sales Price having decreased 3.4 percent to $560,000. The Days on Market statistic was up 45.7 percent to 129 days. Sellers were encouraged as the Months Supply of Inventory was down 6.8 percent to 7.2 months.
“Closed Sales in August were down 12.1 percent due to the lack of activity during the shutdown, “Krueger explained. “The large increase in Pending Sales, 68 percent, will result in an improved Closed Sales number going forward as we return to a more normal transaction flow. The Days on Market increase is the result of properties that were on the market during the shutdown and were not able to be shown.”
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