STATEN ISLAND, N.Y. (April 10, 2023) – The cost of buying a home on Staten Island rose slightly last month as compared to March 2022, but dropped a bit year to date, according to a newly released report from the Staten Island Board of Realtors® (SIBOR).

Year to date, the median sales price of Island homes dropped 0.8 percent, but when measured against March of  2022, the latest statistics show the median sales price of homes in the borough increased 2.2 percent last month to $648,800.

When compared to the same month a year ago, the borough’s new listings in March decreased 26.7 percent to 496;  pending sales were down 15.5 percent to 402, and inventory levels fell 17.2 percent to 1,204 units. The number of days on market until sale statistic was up 39.5 percent to 103 days.

Staten Island homebuyers were empowered in March as the “months supply of inventory” was up 13.3 percent from the same month last year to 3.7 months.

NATIONAL TREND

Nationally, existing home sales jumped 14.5 percent month-over-month as of last measure, the first monthly gain in 12 months, and the largest monthly increase since July 2020, according to the National Association of REALTORS® (NAR).

The sudden uptick in sales activity stems from contracts signed toward the beginning of the year, when mortgage rates dipped to the low 6 percent range, causing a surge in homebuyer activity. Pending sales have
continued to improve heading into spring, increasing for the third consecutive month, according to NAR.

Monthly sales might have been even higher if not for limited inventory nationwide. At the current sales pace, there were just 2.6 months supply of existing homes at the beginning of March, far below the 4 to 6 months supply of a balanced market.

Inventory remains suppressed in part because of mortgage interest rates, which nearly hit 7 percent before falling again in recent weeks.

Higher rates have continued to put downward pressure on sales prices, and for the first time in more than a decade, national home prices were lower year-over-year, according to NAR, breaking a 131-month streak of annual price increases.

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 also be visited on Facebook at Staten Island Board of Realtors, Twitter via @SIBOR, LinkedIn (Staten Island Board of Realtors) and Instagram at SIBOR REALTORS (siborrealtors).

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Media Contact: Barton Horowitz

Relevant Public Relations, LLC

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