Pending sales of homes in the borough climb

STATEN ISLAND, N.Y.  (Aug. 13, 2024) – The median sales price of Staten Island homes continued to gain traction in November, while inventory levels tightened, according to the latest data from the Staten Island Board of Realtors® (SIBOR).

The newly released report reveals the median sales price for homes in the borough increased 3.6 percent to $725,000 in November, as compared to the same month last year.

When measured against November 2023, the inventory levels of Island homes fell 25.6 percent to 1,031 units, and new listings remained flat at 323. However, pending sales were up 35.8 percent to 296, and the days on market statistic was down 8.5 percent to 70 days.

Home sellers in the borough were encouraged as the “months supply of inventory” was down 30.2 percent to 3.2 months.

NATIONAL TREND

U.S. existing-home sales rose 3.4 percent month-over-month and 2.9 percent year-over-year to a seasonally adjusted annual rate of 3.96 million units, exceeding economists’ expectations for the month and marking the first annual gain since July 2021, according to the National Association of REALTORS® (NAR).

Lower mortgage rates in late summer and early fall helped sales increase across all four regions.

The number of homes for sale continues to improve nationwide, climbing 0.7 percent month-over-month and 19.1 percent year-over-year to 1.37 million units heading into November, for a 4.2-month supply at the current sales pace, according to NAR.

Despite a wider selection of properties on the market, sales prices have remained strong at the national level, with a median existing-home price of $407,200 as of last measure, a 4 percent increase from the same time last year.

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
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