STATEN ISLAND, N.Y. ( Sept. 13, 2024) – The median sales price of Staten Island homes increased 1.5 percent in August to $690,000, as compared to the same month last year, according to the latest report from the Staten Island Board of Realtors® (SIBOR).

When measured against August 2023, the newly released statistics show new listings of homes in the borough decreased 18.1 percent to 384, pending sales were up 1.8 percent to 341, and inventory levels fell 20.4 percent to 1,179 units.

The Island’s “days on market” statistic was down 18.9 percent to 66 days, and sellers were encouraged as the “months supply of inventory” was down 22.3 percent to 3.8 months.

“The local real estate market continues to experience limited inventory, pushing home prices higher,” said Sandy Krueger, CEO of SIBOR. “While demand remains strong, buyers are facing increased competition and affordability challenges. For sellers, this environment commonly offers quicker sales at favorable prices. While the chatter of Fed rates set to come down this month would appear to help on the mortgage side, it could also spur increased demand and rising prices. As a buyer, I wouldn’t be waiting.”

NATIONAL TREND

Existing-home sales within the United States increased for the first time in five months, as lower mortgage rates and rising supply helped boost market activity. According to the National Association of REALTORS® (NAR), sales of previously owned homes rose 1.3 percent month-over-month to a seasonally adjusted annual rate of 3.95 million units, exceeding economists’ expectations and ending the downward trend of recent months.

Nationally, total housing inventory edged up 0.8 percent from the previous month to 1.33 million units heading into August, for a four-month supply at the current sales pace, NAR data shows.

Although inventory is up nearly 20 percent nationally compared to the same time last year, demand continues to outpace supply, putting upward pressure on sales prices. According to NAR, the nationwide median existing-home price rose 4.2 percent year-over-year to $422,600 at last measure, marking the 13th 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 2,300 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
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