S
taten Island's housing market has undergone a significant transformation, with dwindling inventory and rising home prices creating a highly competitive environment for buyers. According to the Staten Island Board of Realtors' latest report, new listings plummeted 30% in May compared to last year, while pending sales dropped by 27.5%. The available housing stock shrunk by 35.4%, leaving only 932 units on the market and a mere three-month supply.

    As a result, home prices continued their upward trajectory, increasing 4.5% to $687,500 in May. Properties also sold more quickly, with an average of 70 days on the market, down from last year's pace. Despite these constraints, the market remains active, with modest price growth and quicker sales times indicating a strong seller's market.

    "Sellers are in a great position right now," said Sandy Krueger, CEO of the Staten Island Board of Realtors. "Buyers need to act quickly and work with knowledgeable real estate professionals to navigate this competitive landscape." The local trends diverge from national patterns, where inventory grew by 9% in May and existing-home sales declined marginally.