FOR IMMEDIATE RELEASE: MONDAY, JULY 15, 2024
Staten Island Home Prices, Pending Sales Climb
Borough experiences further tightening of inventory levels
STATEN ISLAND, N.Y. – Home prices on Staten Island continued to gain traction in June as the median sales price increased 9.4 percent to $716,500, according to a newly released report from the Staten Island Board of Realtors® (SIBOR).
When measured against June 2022, the report shows new listings of homes in the borough decreased 5.5 percent to 446 last month; pending sales were up 7.5 percent to 357, and inventory levels fell 17.3 percent to 1,198 units.
The Island’s “days on market” statistic was down 17.4 percent to 71 days last month, as compared to the same time period a year ago, and home sellers were encouraged as “months supply of inventory” in the borough was down 17.1 percent to 3.9 months.
“We have a chicken and egg situation in the market. Higher prices and high interest rates suppress the number of properties offered for sale, which reduces the inventory – thus pushing prices up further,” said Sandy Krueger, CEO of SIBOR. “ Unfortunately, young people trying to get into the market are most negatively affected. Something needs to change. Hopefully the Federal Reserve will initiate lower rates in the not too distant future that will shake things up.”
NATIONAL TREND
Existing-home sales within the United States declined for the third consecutive month, as higher mortgage rates and rising sales prices hindered market activity during what has traditionally been one of the busiest months of the year. According to the National Association of REALTORS® (NAR), sales of previously owned homes dipped 0.7 percent month-over-month and 2.8 percent year-over-year, to a seasonally adjusted annual rate of 4.11 million units.
Nationally, total housing inventory grew 6.7 percent month-over-month to 1.28 million units heading into June, for a 3.7 months’ supply at the current sales pace, according to NAR. However, the increase in supply has yet to temper home prices, which have continued to rise nationwide. At last measure, the median existing-home price climbed to $419,300, a 5.8 percent increase from the same period last year and a record high for the month.
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 2,300 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 275 local real estate firms exchange information on properties they have listed for sale or rent. Together, its members participate in approximately 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: BHorowitz@RelevantPR.com
