Borough’s housing market fails to keep pace with national upswing in existing-home sales

STATEN ISLAND, N.Y.  (April 18, 2024) –  Home prices on Staten Island continue to gain traction, according to a recently released report from the Staten Island Board of Realtors® (SIBOR). The latest statistics show the median sales price of homes in the borough increased 4.9 percent last month to $670,000, as weighed against March 2023.

However, the report also reveals the Staten Island housing market failed to keep pace in March with a national upswing in existing-home sales and inventory levels.

When measured against March 2023, the latest figures show pending sales on the Island were down 18 percent to 324 last month and inventory levels fell 25.8 percent to 1,089 units. Closed sales show a 3.9 percent decline for the same period, but a modest year-to-date gain of 1.3 percent.

“Low inventory levels continue to suppress the Staten Island market,” said Sandy Krueger, CEO of SIBOR. “Limited inventory is making it difficult for buyers to find suitable properties within their budget or desired location.”

U.S. existing-home sales improved for the second month in a row, jumping 9.5 percent to a seasonally adjusted annual rate of 4.38 million units, exceeding economists’ expectations and marking the largest monthly gain in a year, according to the National Association of REALTORS® (NAR). The rebound in home sales comes amid fluctuating mortgage rates and elevated sales prices, indicating there is plenty of buyer demand heading into the spring selling season.

The SIBOR report show new listings on the Island decreased 20.2 percent in March to 418, as compared to the same month a year ago.

The Island’s “days on market” statistic was down 22.2 percent to 81 days last month. Sellers were encouraged as the “months supply of inventory” was down 21.6 percent to 3.6 months.

NATIONAL TREND

The recent surge in home sales was likely due to a dip in mortgage rates in December and an increase in housing supply nationwide. According to NAR, total inventory grew 5.9 percent month-over-month and 10.3 percent year-over-year to 1.07 million units, for a 2.9 months’ supply at the current sales pace. Buyer demand remains robust, and the limited supply of inventory helped push the median existing-home sales price up 5.7 percent year-over-year to $384,500, the eighth consecutive month of annual price increases.

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]