STATEN ISLAND, N.Y. (May 13, 2022) – New home listings on Staten Island decreased 14.3 percent to 604 in April, as compared to the same month a year ago, according to a newly released report from the Staten Island Board of Realtors® (SIBOR).
The latest SIBOR statistics for the same period show pending sales were down 20.4 percent to 426; inventory levels fell 31.2 percent to 1,226 units, while prices continued to gain traction.
The median sales price for a Staten Island home increased 12.5 percent to $669,500, and the days on market for closed properties during the month was down 30.2 percent to 71 days. Months supply of inventory was down 32.4 percent to 2.8 months.
The “median days on market” (DOM) time for Staten Island properties that received an accepted offer in April was 17 days, indicating that half the properties received an offer in less than 17 days – and the other half beyond 17 days. The overall average DOM for those properties was 39 days, indicating that demand was still very strong during this period.
“The real estate market is being affected by continuing strong demand, low inventory, rising mortgage rates and overall inflation,” said Sandy Krueger, CEO of SIBOR. “Consumers need to analyze how these factors might impact their decisions, and professional advice would be advised.”
The average 30-year fixed rate mortgage exceeded 5 percent in April, the highest level since 2011, according to Freddie Mac.
Nationally, inventory remains low, with only two months supply at present, and home prices continue to rise, with the median existing home at $373,500, a 15 percent increase from this time last year, according to the National Association of REALTORS® (NAR).
From a nationwide perspective, affordability challenges are limiting buying activity, and early signs suggest competition for homes may be cooling somewhat. Nationally, existing home sales are down 2.7 percent as of last measure, while pending sales dropped 1.2 percent, marking 5 straight months of under contract declines, according to NAR.
About the Staten Island Board of Realtors® (SIBOR)
Established in 1915, the Staten Island Board of Realtors® (SIBOR) is the largest professional association in Staten Island, N.Y.
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 approximately 2,500 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 275 local real estate firms exchange information on properties they have listed for sale. Together, its members participate in over 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).
Media Contact: Barton Horowitz