Borough’s median sales price stands at $650,000

STATEN ISLAND, N.Y. (March 13, 2024) – The latest report from the Staten Island Board of Realtors® (SIBOR) shows home prices were fairly stable on the Island last month: The median sales price increased 0.2 percent to $650,000, when compared to February 2023.

The report also reveals new listings of Staten Island homes decreased 2.1 percent to 366 in February, as compared to the same month a year ago.

When measured against February 2023, last month’s pending home sales were down 6.1 percent to 263. However, pending sales are 11.5 percent higher year to date than last year.

Inventory levels fell 28.3 percent to 1,062 units, when weighed against the same month a year ago; the “days on market” statistic was up 1.6 percent to 92 days, and sellers were encouraged as the “months supply of inventory” was down 24.2 percent to 3.4 months.

“In Staten Island’s real estate landscape, February’s data hints at a more promising spring market with a tempered rise in median prices and a projected drop in mortgage rates. Yet, affordability and inventory challenges persist, reminding us of the evolving dynamics in our housing journey,” said Sandy Krueger, CEO of SIBOR.

NATIONAL TREND

U.S. existing-home sales grew 3.1 percent month-over-month to a seasonally adjusted annual rate of 4 million, exceeding economists’ expectations and marking the strongest sales pace since August 2023, according to the National Association of REALTORS® (NAR).

Falling interest rates late last year, coupled with a recent uptick in inventory, helped existing-home sales to climb following last month’s decline, with monthly gains reported in the Midwest, South, and West regions.

Total inventory heading into February stood at 1.01 million units, a 2 percent increase from the previous month and a 3.1 percent increase from the same time last year, for a 3 months’ supply at the current sales pace, according to NAR.

Although buyers may find additional options in their home search, inventory in the nation remains below the 5-6 months’ supply of a balanced market, and demand is exceeding supply. As a result, existing-home sales prices have continued to rise, climbing 5.1 percent year-over-year to $379,100.

About the Staten Island Board of Realtors® (SIBOR)
and Staten Island Multiple Listing Service (SIMLS)

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 approximately 2,500 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 275 local real estate firms exchange information on properties they
have listed for sale or rent. Together, its members participate in over 5,000 real estate transactions every year.
SIMLS is the premier source for real estate listings and market information on Staten Island, providing real
estate professionals and the community with a comprehensive platform for property listings, market data, and
professional development opportunities.

All SIBOR Realtors belong to the New York State Association of REALTORS® (NYSAR) and the National
Association of REALTORS® (NAR).

SIBOR and the SIMLS may be reached at 718-928-3220 and viewed online at MLSsiny.com. SIBOR may also be visited on Facebook at Staten Island Board of Realtors, Twitter via @SIBOR, LinkedIn (Staten Island Board of Realtors) and Instagram at SIBOR REALTORS (siborrealtors).

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Media Contact: Barton Horowitz
Relevant Public Relations, LLC
Headquarters: 718‑682‑1509
Mobile: 917‑715‑8761
Email: [email protected]