FOR IMMEDIATE RELEASE: MONDAY, SEPT. 13, 2021
Report: Staten Island Home Prices Continue to Climb
STATEN ISLAND, N.Y. – With a relatively low inventory of homes for sale on Staten Island, prices are continuing to gain traction, according to the latest data from the Staten Island Board of Realtors® (SIBOR).
The newly released SIBOR report reveals the median sales price of homes in the borough hit $645,000 in August, a jump from July’s number of $629,000, and an increase of 15.2 percent overthe $560,000 figure of the same month last year. Inventory levels fell 43.2 percent to 1,461 units in August, as compared to the same month a year ago.
New listings of Staten Island homes decreased 27.9 percent to 560 in August, but year to date rose 5.7 percent.
The borough’s pending home sales were down 22.3 percent to 478 for the month, but experienced a year-to-date increase of 56.1 percent.
Staten Island’s latest days on market statistic was down 34.8 percent to 83 days; home sellers were encouraged as the months supply of inventory was down 62.8 percent from the same time last year, standing at three months.
“The market is still very strong although there may not be lines of buyers waiting to see homes as there were in some cases earlier in the year,” said Sandy Krueger, CEO of the Staten Island Board of Realtors®. “The statistics are still reflecting the 2020 shut down period so percentage differences with the same time last year may be distorted. Price rises are real and are being driven by many factors, such as strong millennial buying, record-low mortgage rates and a strong stock market.”
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