Latest report from Staten Island Board of Realtors® shows modest rise in median sales price
STATEN ISLAND, N.Y. (June 10, 2024) – Contrary to a general decline in the inventory of homes for sale on Staten Island, the borough saw an increase in new listings in May, according to the latest statistical report from the Staten Island Board of Realtors® (SIBOR).
The report reveals a 16.3 percent drop in inventory levels to 1,244 units compared to May 2023, while new listings in the borough rose by 6.9 percent, reaching 508. Additionally, year-to-date data shows a slight increase of 0.3 percent in the number of new listings, totaling 2,257.
“Our community is showing resilience in a challenging market,” said Sandy Krueger, CEO of SIBOR. “Despite the overall inventory decline, the rise in new listings is a positive sign for potential homebuyers and the local real estate market.”
The SIBOR report also indicates that Staten Island’s pending home sales in May increased by 2.2 percent to 366, when compared to the same month last year. The median sales price saw a 1.2 percent rise to $658,000, and the “days on market” statistic decreased 16.9 percent to 76 days. Sellers found encouragement as the “months supply of inventory” dropped by 15 percent to 4.1 months.
NATIONAL TREND
Nationally, existing-home sales fell for the second consecutive month, declining 1.9 percent both month-over-month and year-over-year, according to the National Association of REALTORS® (NAR). Sales were down across all four regions of the country.
Higher borrowing costs and rising home prices continue to impact demand, pushing some prospective buyers to the sidelines and causing market activity to slow down ahead of summer.
Despite an increase in inventory this year, home prices have continued to climb nationwide. The median existing-home price reached $407,600, marking a 5.7 percent increase from the same period last year and setting a record high for the month, according to NAR. At last measure, total inventory heading into May stood at 1.21 million units, reflecting a 9 percent month-over-month increase and a 16.3 percent year-over-year rise, providing a 3.5-month supply at the current sales pace.
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 2,500 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 over 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).
###
Media Contact: Barton Horowitz
Relevant Public Relations, LLC
Headquarters: 7186821509
Mobile: 9177158761
Email: BHorowitz@RelevantPR.com
