FOR IMMEDIATE RELEASE: TUESDAY, JUNE 9, 2020

STATEN ISLAND, N.Y. – While the effects of COVID-19 in the broader economy continue, real estate activity is beginning to recover across much of the country. According to Freddie Mac, mortgage rates have been below 3.3 percent for more than four weeks and are hovering near all-time lows, spurring strong interest by buyers, and lifting showing activity up 4 percent nationally versus a year ago in the final week of May.

On Staten Island, home prices remained fairly stable in May, according to the latest data from the Staten Island Board of Realtors® (SIBOR). During the month, the Island’s Median Sales Price of homes decreased 1 percent to $552,500, as compared to May 2019. Days on Market was up 14.2 percent, from the same month last year, to 116 days. Staten Island home sellers were encouraged in May as Months Supply of Inventory was down 19.8 percent to 5.8 months.

New Listings on Staten Island decreased 58.7 percent to 309, and Pending Sales were down 73.2 percent to 117, as compared to the same month a year ago. Inventory levels fell 31.4 percent to 1,760 units.

“As the housing market emerges from the COVID-19 crisis, pent-up demand, low inventory and record-low mortgage rates seem to portend a rapid return to a very active New York City housing market,” said Sandy Krueger, CEO of SIBOR. “I believe real estate will rebound faster than many areas of the economy.”

Nationwide, buyers have been quicker to return to the housing market in force than sellers, who have been showing a bit more reluctance to list their homes than is typical for this time of year. However, trends are improving. As states and localities continue to moderate their COVID-19 policies, real estate activity is expected to continue to improve in the coming weeks.

About the Staten Island Board of REALTORS® (SIBOR)

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 more than 2,000 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 250 local real estate firms exchange information on properties they have listed for sale. Together, its members participate in over 5,000 real estate transactions every year.

All SIBOR Realtors belong to the New York State Association of REALTORS® (NYSAR) and the National Association of REALTORS® (NAR).

SIBOR may be reached at 718-928-3220 and viewed online at SIBORREALTORS.com. SIBOR may also be visited on Facebook at Staten Island Board of Realtors,on Twitter via @SIBOR, and on 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]

The information contained, and the opinions expressed in articles, videos, or infographics posted or shared by the Staten Island Board of Realtors® (SIBOR) are not intended to be construed as investment advice. SIBOR does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. SIBOR will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.