STATEN ISLAND, N.Y. – Pending sales of Staten Island homes climbed last month — a 10.5% increase when measured against the stats from 2023 — but inventory levels fell by a whopping 18.2%, a new report notes, leaving the borough with just 1,202 available units.
“Unfortunately, the lack of supply, or inventory, is what continues to drive our market,” said Sandy Krueger, CEO of the Staten Island Board of Realtors (SIBOR), which recently released those stats. “While a dip in mortgage rates could help buyers, particularly new buyers, get into the market, the lack of supply will continue to push up prices.”
SIBOR’s data also showed that the median sales price of homes in the borough increased 6% to $705,000 in July, as compared to the same month a year ago, and rose 4.6% year to date. And as compared against July 2023, the report showed new listings on the Island increased 2.6%, to 474.
According to SIBOR, Staten Island’s numbers are in line with the rest of the country.
“Home prices have maintained their upward trend across much of the country, even as sales slow and inventory improves,” the report stated. “According to NAR [National Association of Realtors], the national median existing-home sales price climbed 4.1% year-over-year to $426,900 as of last measure, an all-time high.”
