Island home prices continued to gain traction in March, with the median sales price having grown 4.6% to $575,000, as compared to the same month a year ago.
Staten Island’s pending home sales showed significant growth in 2021 versus the first quarter of 2020, according to the latest report from the Staten Island Board of REALTORS® (SIBOR). Statistics released by the Realtor organization revealed a 50.3% year-to-date increase of 1,276 units.
The newly released SIBOR data shows new listings on the Island decreased 5.5 to 1,520 listings, as compared to the same period a year ago.
At the end of last month, inventory levels fell 36.2% to 1,428 units, as compared to March 2020.
“Even accounting for the pandemic shutdown in the last two weeks of March last year, the recovery this year continues to be very impressive,” said Sandy Krueger, CEO of SIBOR. “Demand is far exceeding supply, indicating that buyers are anxious to take advantage of low mortgage rates and are looking closely at quality-of-life issues.”
Island home prices continued to gain traction in March, with the median sales price having grown 4.6% to $575,000, as compared to the same month a year ago. The SIBOR data also revealed the “days on market” statistic was down 11.1% to 103 days. The “months supply of inventory” fell to a low level of 3.5 months, which is encouraging for home sellers.
Established in 1915, the Staten Island Board of REALTORS® (SIBOR) is the largest professional association in Staten Island.
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 more than 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).