Home prices in the borough continue to climb

STATEN ISLAND, N.Y. (Nov. 15, 2024) – The Staten Island housing market experienced a gain in pending sales, according to the latest report from the Staten Island Board of Realtors® (SIBOR).

As shown in the newly released data, October’s pending sales in the borough increased 10.1 percent, as compared to the same month last year, while inventory levels fell 19.6 percent to 1,118 units.

When measured against October 2023, home prices continued to gain traction on the Island, as the median sales price increased 9.1 percent to $724,444; new listings decreased 6.3 percent to 414, and the days on market statistic dropped 18.4 percent to 64 days. Sellers were encouraged as the “months supply of inventory” was down 21.7 percent to 3.6 months.

“The average sales price ($783,649) is higher than the median ($724,444) by 8.2 percent, indicating that the first-time buyer is still at a disadvantage in our market,” said Sandy Krueger, CEO of SIBOR.

NATIONAL TREND

U.S. existing-home sales unexpectedly slipped 1 percent month-over-month and 3.5 percent year-over-year to a seasonally adjusted annual rate of 3.84 million, the lowest level in more than a decade, according to the National Association of REALTORS® (NAR). Prospective buyers have pulled back in recent months, despite lower mortgage rates and more home choices compared to the same time last year.

There were 1.39 million homes for sale heading into October, a 1.5 percent increase from the previous month and a 23 percent increase from the same period last year, for a 4.3-month supply at the current sales pace, according to NAR.

Even with improving supply and the slower sales pace, home prices have continued to rise nationwide, with NAR reporting a median existing-home price of $404,500 as of last measure, a 3 percent increase from one year ago.

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: [email protected]