STATEN ISLAND, N.Y. (May 18, 2023) – New listings of Staten Island homes decreased 30.9 percent to 439 in April, as compared to 635 the same month last year, according to a newly released report from the Staten Island Board of Realtors® (SIBOR).
When measured against April 2022, pending sales of homes in the borough were down 20.4 percent to 335 and inventory levels fell 20.9 percent to 1,235 units. Prices of Island homes were a tad soft in April; the median sales price decreased 7 percent to $622,999.
The number of days on market until sale statistic was up 40.2 percent to 103 days as compared to the same month a year ago. Homebuyers felt empowered in April as the “months supply of inventory” was up 8.5 percent to 3.9 months.
“There clearly has been a shortage of available homes for sale; there is not a shortage of buyers,” said Sandy Krueger, CEO of SIBOR. “The imbalance between supply and demand has created a competitive market, with fewer options for those buyers. As a result, along with other economic factors, some potential sellers may be hesitant to list their homes due to concerns about finding a suitable replacement property. We’re in somewhat of a chicken and egg situation that should shake out in the next few quarters.”
Existing-home sales in the United States declined 2.4 percent month over month as of last measure, according to the National Association of REALTORS® (NAR), reversing February’s sales gain of 14.5 percent.
Housing inventory remains tight nationwide, with only 980,000 units available for sale heading into April, a 5.4 percent increase from one year earlier, although the number of homes for sale is down compared to the same period in 2019, prior to the pandemic.
Fluctuations in mortgage interest rates have caused buyers to pullback, with pending sales dropping 5.2 percent month over month. Meanwhile, the median existing-home sales price declined for the second month in a row, falling 0.9 percent nationally from the same time last year, the largest year-over-year decline since January 2012, according to NAR.
The lack of existing inventory continues to impact home sales, and with only 2.6 months’ supply of homes at last measure, competition for available properties remains strong, especially in certain price categories, with multiple offers occurring on about a third of properties, according to NAR.
About the Staten Island Board of Realtors® (SIBOR)
And the Staten Island Multiple Listing Service Inc. (SIMLS)
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).