Prices of homes in the borough remain fairly stable amid residential market slowdown

STATEN ISLAND, N.Y. ( JAN. 11, 2023) – Staten Island’s housing market in 2022 mirrored the widespread turbulence of the residential real estate market as inflation, soaring interest rates, and elevated sales prices combined to cause a slowdown across the United States.

Affordability challenges continue to limit market activity in the nation, with pending home sales and existing-home sales down month-over-month and falling 37.8 percent and 35.4 percent year-over-year, respectively, according to the National Association of REALTORS® (NAR).

Higher mortgage rates are also impacting prospective sellers, many of whom have locked in historically low rates and have chosen to wait until market conditions improve before selling their home.

New listings of homes on Staten Island decreased 7.9 percent in 2022, according to the latest data from the Staten Island Board of Realtors® (SIBOR).  

The newly released SIBOR housing statistics show pending sales in 2022 were down 22.9 percent year-to-date as compared to the previous year; closed sales declined 15.1 percent over the past 12 months, and the inventory level of Island homes for sale fell 8.7 percent over the course of 2022.     

The prices of Island homes remained fairly stable in December. The median sales price, which rose 8.2 percent in 2022 as compared to the previous year, actually decreased 0.6 percent last month to $616,500, when measured against December 2021.

The “days on market” statistic decreased 23.1 percent for the year, but rose 9.2 percent last month to 78 days, as compared to December 2021. Buyers felt empowered as “months supply of inventory,” down 0.9 percent at the close of 2022, was up 19.9 percent in December to 3.5 months, when measured against the same month in 2021.

“The market was shocked last year by the rapid and large increase in mortgage rates. They seem to have moderated and settled into what some would say is a realistic historical range, which should allow the market to find its new equilibrium,” said Sandy Krueger, CEO of SIBOR.

Economists predict sales will continue to slow and housing prices will soften in many markets over the next 12 months, with larger price declines projected in more expensive areas.

However, national inventory shortages will likely keep prices from dropping too much, as buyer demand continues to outpace supply, which remains limited at 3.3 months, 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).

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Media Contact: Barton Horowitz

Relevant Public Relations, LLC

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