Staten Island Housing Market Faces Inventory Crunch As 2022 Moves Forward

STATEN ISLAND, N.Y. (Monday, Feb. 14, 2022) – The 2022 real estate market begins where 2021 left off, in which existing home sales nationwide reached their highest level since 2006, with the National Association of REALTORS® reporting sales were up 8.5 percent compared to the previous year as homebuyers rushed to take advantage of historically low mortgage rates.

According to the latest data from the Staten Island Board of Realtors® (SIBOR), new listings on Staten Island decreased 19.7 percent to 433; pending sales were down 7.9 percent to 351, and inventory levels fell 46.1 percent to 1,019 units.

Year-to-date, home prices continued to gain traction on the Island as the median sales price increased 12.1percent to $650,000. “Days on market” was down 25.6 percent to 74 days. Sellers were encouraged as the months supply of inventory was down 55.6 percent to 2.2 months.

“Record inflation and upcoming interest rate increases from the Federal Reserve, along with the limited listing-inventory, are going to put continuing pressure on our local real estate market,” said Sandy Krueger, CEO of SIBOR. “It’s a time to leverage professional advice.”

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 2,400 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 250 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).