Contrary to the national trend, inventory levels of homes for sale on Staten Island dropped in July, according to the latest data from the Staten Island Board of Realtors® (SIBOR). The Island’s inventory fell 42.9% last month as compared to the same period a year ago and slid from 1,588 to 1,486 units since June.
In contrast, the National Association of Realtors® (NAR) reported the inventory of homes for sale nationwide rose slightly in June as more sellers listed their homes, hoping to take advantage of record-high sales prices across the country. Even with renewed home-seller interest, inventory overall remains 18.8% lower than a year ago, according to NAR.
New listings of Staten Island homes decreased 38.1% to 585 in July — but year-to-date rose 11.6%.
The Island’s pending home sales were down 5.5% to 494 for the month, but up 82.5% year to date.
Home prices in the borough continued to gain traction in July, with the median sales price increasing 15.6% to $629,000. The “days on market” statistic was down 34.6% to 75 days.
Staten Island home sellers were encouraged in July as the months supply of inventory was down 65.8% to three months.
“The Staten Island market is a tale of two different subsegments,” said Sandy Krueger, CEO of SIBOR. “With the Housing Affordable Index for the region reaching a low point (53 in July), the first-time homebuyer and the overall lower end of the market are being squeezed by rising prices despite low interest rates, continuing pandemic uncertainty and disappearing financial aid. The higher end of the market is more able to overcome the obstacles.”