Statistics reveal inventory levels in the borough fell 20.4 percent last month when measured against April 2023
STATEN ISLAND, N.Y. (May 17, 2024) – Home prices on Staten Island are continuing to climb as inventory levels decline, according to the latest statistical report from the Staten Island Board of Realtors® (SIBOR).
According to the data, the median sales price of homes in the borough reached $665,000 in April, a 6.4 percent increase as compared to the same month a year ago, and a 5 percent rise year to date.
When measured against April 2023, the report reveals inventory levels on the Island fell 20.4 percent last month to 1,189 units; new listings on the Island increased 11.8 percent to 513, and pending sales were down 1.2 percent to 326.
The report also showed the borough’s “days on market” statistic was down 13.7 percent to 88 days.
Home sellers were encouraged in April as the “months supply of inventory” was down 17.9 percent to 3.9 months.
“Current mortgage rates continue to discourage homeowners with existing low-rate mortgages from listing their properties; this results in depressing inventory levels, which tend to push prices higher. Over time, however, we should anticipate growing inventories due to influences, aside from mortgage rates, which can spur a desire, or even a need, for some owners to sell,” said Sandy Krueger, CEO, of SIBOR. “A recent Real Estate News article listed a variety of ‘demographics factors’ that could contribute to a rise in inventory levels, such as, ‘death, retirement, marriage and children.’ Buyers should be watching closely for desirable opportunities that will be quickly consumed.”
NATION TREND
Nationally, higher interest rates and rising sales prices continue to keep some prospective buyers on the sidelines.
According to the National Association of REALTORS® (NAR), existing-home sales in the United States recently fell from a one-year high, dropping 4.3 percent month-over-month to a seasonally adjusted annual rate of 4.19 million.
Average 30-year mortgage rates have topped 7 percent in recent weeks, while the median existing-home sales price hit $393,500 as of last measure, a 4.8 percent increase from the previous month, according to NAR.
Warmer temperatures appear to have helped bring some sellers back to the market, providing additional options to home shoppers during the spring buying season. Total inventory was up 4.7 percent month-over-month and 14.4 percent year-over year, for a 3.2 months’ supply at the current sales pace, according to NAR.
Nevertheless, demand continues to outpace supply; and properties are selling quickly, with the typical home spending 33 days on market nationwide, down from 38 days the month before.
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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