FOR IMMEDIATE RELEASE: WEDNESDAY, DEC. 9, 2020
Staten Island Experiences Strong Home-Buyer Demand During a Typically Slow Time of Year
Pending home sales in the borough are up 44.5 percent in November, as compared to the same month a year ago
STATEN ISLAND, N.Y. – The Staten Island housing market continued to show strong activity in November, contrary to the norm for this time of the year.
Reflecting a trend across most of the United States, showing activity on the Island remains higher than the same period a year ago, suggesting that strong buyer demand is likely to continue into what is typically the slowest time of year.
According to the latest data from the Staten Island Board of REALTORS® (SIBOR), new listings for homes on the Island increased 4.9 percent to 453 in November, as compared to the same month last year. Pending sales were up 44.5 percent to 435, and inventory levels fell 22.8 percent to 1,900 units.
Prices on Staten Island homes continued to gain traction last month, with the median sales price having increased 3.6 percent, in comparison to November 2019, to $580,000.
“The Staten Island market continues to recover from the earlier COVID-19 shutdown,” said Sandy Krueger, CEO of SIBOR. “Closed sales for the year are only down 10 percent from the 11 months of 2019. Pending sales are only down 5.3 percent for the same time period. Low inventory levels haven’t pushed prices up as much as might have been expected. 2020 is almost behind us and I’m sure we all look forward to a better 2021.”
November saw the Dow Jones Industrial Average top 30,000 for the first time, while mortgage rates reached new record lows again. These new records have provided encouragement for buyers to move forward on home purchases, which continued to remain strong overall for the month.
With inventory remaining constrained in most U.S. market segments, sellers continue to benefit from the tight market conditions. Staten Island home sellers were encouraged in November as the months supply of inventory statistic was down 27.4 percent from year ago, falling to 5.2 months.
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 2,300 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