FOR IMMEDIATE RELEASE: THURSDAY, AUG. 8, 2024
Report: Pending Home Sales Climb on Staten Island
Median sales price of Island homes continues to rise
STATEN ISLAND, N.Y. – Pending sales of Staten Island homes climbed 10.5 percent in July to 348 units when measured against the same month a year ago, according to the latest report from the Staten Island Board of Realtors® (SIBOR). The newly released statistics additionally reveal a 2.8 percent increase year to date.
The median sales price of homes in the borough increased 6 percent to $705,000 in July, as compared to the same month a year ago, and rose 4.6 percent year to date.
As compared against July 2023, the report shows new listings on the Island increased 2.6 percent to 474, and inventory levels fell 18.2 percent to 1,202 units.
The Island’s “days on market” statistic was down 9.7 percent last month to 70 days, as compared to the same period a year ago, and sellers were encouraged as the “months supply of inventory” was down 19.6 percent to 3.9 months.
“Unfortunately, the lack of supply, or inventory, is what continues to drive our market,” said Sandy Krueger, CEO of SIBOR. “While a dip in mortgage rates could help buyers, particularly new buyers, get into the market, the lack of supply will continue to push up prices.”
NATIONAL TREND
Existing home sales in the United States fell 5.4 percent month-over-month and 5.4 percent year-over-year to a seasonally adjusted annual rate of 3.89 million units, with monthly sales down in all four regions, according to the National Association of REALTORS® (NAR).
Higher mortgage rates, along with rising sales prices, have kept many prospective buyers on the sidelines, despite more home choices and less
competition for those homes.
Home prices have maintained their upward trend across much of the country, even as sales slow and inventory improves. According to NAR, the national median existing-home sales price climbed 4.1 percent year-over-year to $426,900 as of last measure, an all-time high.
Meanwhile, total housing inventory increased 3.1 percent month-over-month to 1.32 million units heading into July, the highest level since 2020, for a 4.1-month supply at the current sales pace.
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).
###
Media Contact: Barton Horowitz
Relevant Public Relations, LLC
Headquarters: 718-682-1509
Mobile: 917-715-8761
Email: BHorowitz@RelevantPR.com
