Staten Island Real Estate Bucks National Trend With Drop in Number of Homes for Sale

STATEN ISLAND, N.Y. – Contrary to the national trend, inventory levels of homes for sale on Staten Island dropped in July, according to the latest data from the Staten Island Board of Realtors® (SIBOR). The Island’s inventory fell 42.9 percent last month as compared to the same period a year ago and slid from 1,588 to 1,486 units since June.

In contrast, the National Association of REALTORS® (NAR) reported the inventory of homes for sale nationwide rose slightly in June as more sellers listed their homes, hoping to take advantage of record-high sales prices across the country. Even with renewed home-seller interest, inventory overall remains 18.8 percent lower than a year ago, according to NAR.

New listings of Staten Island homes decreased 38.1 percent to 585 in July – but year-to-date rose 11.6 percent.

The Island’s pending home sales were down 5.5 percent to 494 for the month, but up 82.5 percent year to date.

Home prices in the borough continued to gain traction in July, with the median sales price increasing 15.6 percent to $629,000. The “days on market” statistic was down 34.6 percent to 75 days.

Staten Island home sellers were encouraged in July as the months supply of inventory was down 65.8 percent
to three months.

“The Staten Island market is a tale of two different subsegments,” said Sandy Krueger, CEO of SIBOR. “With the Housing Affordable Index for the region reaching a low point in July, the first-time home buyer and the overall lower end of the market are being squeezed by rising prices despite low interest rates, continuing pandemic uncertainty and disappearing financial aid. The higher end of the market is more able to overcome the obstacles.”

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 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

Relevant Public Relations, LLC

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