FOR IMMEDIATE RELEASE: TUESDAY, MAY 11, 2021
Multiple-Offer Scenarios on Staten Island Homes Stoked By Strong Buyer-Demand, Limited Housing
STATEN ISLAND, N.Y. – April was another strong month for home sales on Staten Island and across the nation. The busy spring market continues to see many multiple-offer scenarios on homes, fueling a rise in sale prices.
Such markets can create stress and frustration for prospective home buyers, who frequently have to submit offers on multiple properties before they are able to secure a purchase.
New listings of Staten Island homes increased 522.6 percent to 660 in April, as compared to the same period a year ago, according to the latest report from the Staten Island Board of REALTORS® (SIBOR) and Staten Island Multiple Listing Service (SIMLS).
“The increase in the number of newly listed Staten Island homes in April is significant but should not be taken out of context – as the statistics are a comparison to the same month in 2020, when the market was experiencing early impact from the economic fallout of the pandemic,” said Sandy Krueger, CEO of SIBOR. “The number of available homes in the market is still tight, and coupled with intense buyer-demand, the current trend of buyer activity and multiple-bidding is likely to continue through spring and into summer.”
Year to date, new listings on the Island were up 28.5 percent to 2,204; pending home sales rose 90 percent to 1,816, and the number of closed sales increased 60.7 percent to 1,686.
Home prices in the borough year to date continued to gain with the median sales price having increased 3.7 percent to $580,000.
“Inventory levels are at a historic low resulting in a 3.3 months supply of inventory, which is a very strong encouragement for home sellers,” Krueger said.
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,Twitter via @SIBOR and Instagram at SIBOR REALTORS (siborrealtors).
Media Contact: Barton Horowitz