FOR IMMEDIATE RELEASE: WEDNESDAY, OCT. 7, 2020
STATEN ISLAND, N.Y. – Staten Island’s housing market has entered fall with continued robust activity among buyers, according to the latest statistics from the Staten Island Board of Realtors® (SIBOR).
At a time of year that would normally signal a slowing of liveliness in the residential sector, New Listings for homes on Staten Island increased 15.5 percent to 678 in September, as compared to 587 in the same month a year ago, and Pending Sales were up 77.4 percent to 582, versus 328 in September 2019. Inventory levels fell 15 percent to 2,191 units, from 2,579 a year ago.
“The Staten Island real estate market is still rebounding from the COVID-19 shutdown,” said Sandy Krueger, CEO of SIBOR. “Sales are being made across the market spectrum as demonstrated by the Median Sales price of homes on Staten Island, which hasn’t changed since this time last year. Low inventory levels, however, show the uncertainty that some people still have related to the pandemic.”
Home prices on the Island were even with last year for the month of September, with the Median Sales Price holding steady at $560,000. The Days on Market statistic was up 16.8 percent to 105 days. Sellers were encouraged in September as the Months Supply of Inventory was down 15.1 percent to 6.4 months.
One factor contributing to a growing interest in Staten Island among some home buyers is the desire to relocate from city centers to less-urban environments, Krueger said.
“Staten Island is seeing strong demand from city residents looking for a more suburban lifestyle,” he said.
While mortgage rates remain near record lows, the Mortgage Bankers Association reports that lending standards are tightening, which makes it a bit more difficult for some buyers to qualify. At the same time, national unemployment remains substantially higher than a year ago due to COVID-19. Despite all this, buyers are out in full force this fall, showing amazing resilience in the middle of a pandemic.
With stronger buyer activity in the market this year and the continued constrained supply of homes for sale, speedy sales and multiple offers are likely to remain a common occurrence and will keep the national housing market hot even as the weather cools.
About the Staten Island Board of REALTORS® (SIBOR)
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).
Media Contact: Barton Horowitz