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FOR IMMEDIATE RELEASE: THURSDAY, JUNE 8, 2021
Staten Island Home Prices at Record Highs As Buyers Embrace Low Mortgage Rates
STATEN ISLAND. N.Y. – The Staten Island housing market continue its frenzied pace in June, with low interest rates and limited inventory fueling record-high sales prices, as reflected by the latest report from the Staten Island Board of REALTORS® (SIBOR).
Mirroring national activity, eager buyers on the Island are making multiple offers, some for well over asking price, while others are making offers on homes sight unseen.
“It’s hard to derive guidance from comparisons to the pandemic period last year,” said Sandy Krueger, CEO of SIBOR. “When I look at the same period in 2019 vs. 2021 we may get a clearer picture. Pending sales show a 43.9 percent increase (instead of the 112.5 percent compared to 2020), closed sales are up 22.5 percent but the inventory of homes for sale is down a remarkable 43 percent (versus the 35.8 percent compared to 2020). These numbers are still indicative of an overheated market that doesn’t clearly identify where things are going in the future. The lack of clarity should encourage both buyers and sellers to look at taking advantage of this market now.”
The SIBOR report additionally revealed the number of new listings of Staten Island homes decreased 8.3 percent to 674 in June, as compared to the same month last year, and home prices continued to gain traction, with the median sales price increasing 2.3 percent to $603,500.
Year to date, new listings on the Island were up 26.9 percent to 3,545; pending home sales rose 117.4 percent to 2,859, and the number of closed sales climbed 70.7 percent to 2,576.
As compared to the same month last year, inventory levels in June were 35.8 percent lower, translating to 1,500 units. The low inventory levels remained a strong encouragement for home sellers, with a three months supply of inventory.
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 2,300 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 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,Twitter via @SIBOR and Instagram at SIBOR REALTORS (siborrealtors).
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