STATEN ISLAND, N.Y. (March 14, 2023) – Prices on Staten Island homes were fairly stable in February, with a median sales price increase of 0.3 percent to $650,000 as compared to the same month a year ago, and a year-to-date decline of 1.5 percent, according to a newly released report from the Staten Island Board of Realtors® (SIBOR).
When measured against February 2022, new listings on the Island decreased 27.7 percent to 357; pending sales were down 13.7 percent to 295; inventory levels fell 10.2 percent to 1,223 units, and the number of days on market until sale statistic was up 14.1 percent to 91 days.
Staten Island homebuyers were empowered as the “months supply of inventory” was up 20.4 percent to 3.7 months.
“Our market, like all markets, is affected primarily by a lack of supply,” said Sandy Krueger, CEO of SIBOR. “Mortgage rates are keeping many people from listing their homes and taking on new loans at significantly higher rates than they have now. Prices are being kept from fluctuating too much by the same lack of inventory on one side and higher rates on the other.”
With buyer demand down from peak levels, home price growth has continued to slow nationwide, although prices remain up from a year ago.
In its continued effort to curb inflation, the Federal Reserve raised its benchmark interest rate in February by a quarter-percentage point to 4.50 percent – 4.75 percent, its eighth rate hike since March of last year, when the interest rate was nearly zero.
Mortgage interest rates have dipped slightly from their peak last fall, leading pending sales to increase 8.1 percent with existing-home sales declining for the twelfth consecutive month, according to the National Association of Realtors® (NAR).
Sellers have been increasingly cutting prices and offering sales incentives in an attempt to attract buyers, who have continued to struggle with affordability challenges this winter.
The slight decline in mortgage rates earlier this year convinced some buyers to come off the sidelines, but with rates ticking up again in recent weeks, buyers are once again pulling back, causing sales activity to remain down heading into spring.
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 and the Staten Island MLS may be reached at 718-928-3220 and visited online at MLSsiny.com.
Social media content pertaining to SIBOR and the Staten Island MLS is available on Facebook at Staten Island Board of Realtors, LinkedIn at Staten Island Board of Realtors, Twitter via @SIBOR and Instagram at SIBOR REALTORS (siborrealtors).
Media Contact: Barton Horowitz
Relevant Public Relations, LLC