According to newly released statistics from the Staten Island Board of Realtors (SIBOR) the median sale price of a Staten Island home in November was $572,500. The figure represents a decrease of 0.4% as compared to the same month a year ago.
“When measured against median sale price in the U.S. in 2018 of $326,400 and the median sale price in the Northeast region of $484,600, one can see how the Staten Island median sale price of $572,500 is quantifiably higher,” said James Prendamano, CEO of Casandra Properties, which has two Staten Island offices.
Said Joan Camerlengo, broker/owner of Joan Camerlengo Realty in New Dorp: “The median sale price tells us that home prices on Staten Island are high when compared to other parts of the U.S. The real estate market right now is basically flat. Market activity in general is light, owing largely to ‘time of year,’ i.e., the holiday season.”
While this median price is higher than the national average, Realtors say the investment is worth it since the borough’s residential real estate has shown to “hold its value.”
“Staten Island still remains a very affordable option when compared against the rest of New York City,” Prendamano said.
“A massive benefit of purchasing real estate on Staten Island is we were relatively unaffected by the tremendous influx of foreign money into our competitive markets. As a result, we were equally unaffected as regulatory changes caused that money to dry up. Staten Island real estate investments remain some of the most stable opportunities in all of New York City. Even during the housing crisis from 2007 to 2010 Staten Island real estate experienced price drops that were a fraction of those around the country. Our slow and steady pace has resulted in remarkable stability,” he added.
A BALANCED MARKET
Usually, the Staten Island real estate market is categorized as either a buyers’ or sellers’ market. But in recent months, it is neither, real estate professionals said.
“The market on Staten Island continues to be balanced and does not appear to be leaning toward a buyers’ or sellers’ market,” said Sandy Krueger, CEO of SIBOR. “While other boroughs seem to be experiencing swings, our market presents a fair opportunity for consumers.”
Prendamano agreed: “Market balance has essentially leveled the playing field for both sellers and buyers. We are at a rare point of the market where it is both a good time to buy and sell.”
According to SIBOR, factors contributing to the “balanced market” are:
November’s “days on market” statistic was up 21.1%, expanding to 98 days, as compared to the same time last year.
As compared to a year ago, new Staten Island listings in November decreased 9.7% to 418. Pending sales were up 9.9% to 312, and inventory levels fell 4.3% to 2,165 units.
The Federal Reserve reduced its benchmark rate in November for the third time this year. This action was widely anticipated by the market. Mortgage rates remained steady during the month and were still down more than 1% from the same time last year.
With residential new construction activity continuing to rise nationally, the U.S. Commerce Department reports that new housing permits rose 5% in October to a new 12-year high of 1.46 million units.