Limited number of available homes pushes prices higher
STATEN ISLAND, N.Y. (Feb. 7, 2025) – Mirroring a nationwide trajectory, sales of Staten Island homes continued to rise in January, according to the latest data from the Staten Island Board of Realtors® (SIBOR).
In its newly released report, SIBOR shows pending sales on the Island in January were up 11.1 percent to 300, and closed sales rose 14.7 percent, as compared to the same month last year.
When measured against January 2024, the report revealed new listings in the borough last month decreased 13.4 percent to 361, and inventory levels fell 29.8 percent to 857 units. Prices of Staten Island homes continued to gain traction as the median sales price increased 4.8 percent to $720,000.
The days on market statistic was down 16.5 percent from the same period last year to 68 days, and sellers were encouraged as the “months supply of inventory” was down 33.9 percent to 2.6 months.
“Our latest report highlights the continued strength of the Staten Island real estate market,” said SIBOR CEO Sandy Krueger. “Despite inventory challenges, buyer activity remains high.”
NATIONAL TREND
U.S. existing-home sales advanced for the third straight month, climbing 2.2 percent to a seasonally adjusted annual rate of 4.24 million units, a 10-month high, according to the National Association of REALTORS® (NAR).
Sales were up 9.3 percent year-over-year, driven largely by purchases of homes priced $500,000 and above. Month-over-month, sales rose in the South, Northeast, and the West but fell in the Midwest, with all four regions reporting year-over-year gains.
According to NAR, total housing inventory was 1.15 million units heading into January, a 13.5 percent decrease from the previous month but a 16.2 percent increase from the same period one year earlier, for a 3.3-month supply at the current sales pace. Housing supply remains down compared to pre-pandemic levels, and the limited number of homes on the market continues to push sales prices higher nationwide, with the median existing-home price rising 6 percent year-over-year to $404,400.
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 over 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, ‘X’ 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]
