FOR IMMEDIATE RELEASE: WEDNESDAY, JUNE 9, 2021
Staten Island Real Estate Activity Reflects Robust Pace of U.S. Housing Market
STATEN ISLAND, N.Y. – As temperatures warmed and pandemic restrictions eased across much of the United States in May, the Staten Island housing market, like that of the nation, remained hot – and indications suggest the trend will continue.
Fueled by low mortgage rates, robust buyer demand continues to outpace the supply of homes, which remains historically low. Nationwide, inventory remains much lower than it was this time last year, and sales prices are surging as a result.
On Staten Island, inventory levels fell 28.3 percent in May to 1,466 units, from a month earlier, and home prices in the borough continued to gain traction, with the median sales price rising 11.7 percent to $610,000, according to the latest report from the Staten Island Board of REALTORS® (SIBOR) and Staten Island Multiple Listing Service (SIMLS).
New Listings of Staten Island homes increased 79.3 percent to 615 in May, as compared to the same month last year.
Year to date, new listings on the Island were up 38.6 percent to 2,853; pending home sales climbed 118 percent to 2,330, and the number of closed sales rose 70.9 percent to 2,126.
“The comparison in 2021 between new listings (2,853), pending sales (2,330) and closed sales (2,126) clearly shows a market with an active inventory deficit that is driving prices higher,” said Sandy Krueger, CEO of SIBOR. “There is no reason to see a change in the near future, unless interest rates were to rise. This will continue to be a tight market for the foreseeable future, but an attractive choice for those looking for the Staten Island version of New York City living.”
A strong encouragement for home sellers: Inventory levels are still at an historic low, with 3.1 months supply of inventory in May.
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