Report: Staten Island’s Tight Housing Inventory Stoked by High Demand

STATEN ISLAND, N.Y. – Home prices on Staten Island are continuing to gain traction as buyer demand keeps the selection of houses on the market tight, indicates a newly released report.

Inventory levels fell 42.9 percent to 1,432 units in September, as compared to the same time last year, according to the latest data from the Staten Island Board of Realtors® (SIBOR). The SIBOR report revealed new listings of Staten Island homes decreased 25.6 percent last month to 520 vs. 699 in Sept. 2020, and showed a modest year-to-date increase of 2.1 percent.

“The lack of inventory seems to be driven more by demand than supply,” said Sandy Krueger, CEO of SIBOR. “Pending sales are up 40.9 percent for the year and closed sales are up 70 percent. Even factoring in the Covid-19 shutdown last year, these are very strong numbers.”

SIBOR’s latest statistics also show the median sales price of homes in the borough increased 8.9 percent in September to $610,000, as compared to the same period a year ago, and 8 percent year to date.

“Prices have not reacted as aggressively as they might in this kind of market,” Krueger said.

The SIBOR report also found Staten Island’s latest days on market until sale statistic was down 28.7 percent to 75 days. Home sellers were encouraged as the months supply of inventory was down 59.3 percent from the same time last year, falling to 3.1 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 SIBOR may also be visited on Facebook at Staten Island Board of Realtors,Twitter via @SIBOR and Instagram at SIBOR REALTORS (siborrealtors).


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