FOR IMMEDIATE RELEASE:
TUESDAY, JULY 11, 2023
Median Sales Price of Staten Island Homes Drops
New listings, pending sales and inventory levels decline, according to the latest statistics from the Staten Island Board of Realtors®
STATEN ISLAND, N.Y. – Temperatures are heating up, yet the housing market on Staten Island and across the United States remains cooler than usual for this time of year.
Market activity entering the summer homebuying season has been restricted due to a combination of low inventory and higher borrowing costs. Locally, such economic conditions apparently affected the median sales price of Island homes in June, which experienced a 4.2 percent decrease to $660,000, as compared to the same month a year ago, according to a newly released report from the Staten Island Board of Realtors® (SIBOR).
When measured against June 2022, the latest SIBOR numbers reveal new listings of Island homes decreased 35.3 percent to 420; pending sales were down 4.9 percent to 350, and inventory levels fell 35.1 percent to 1,178 units. The number of days on market until sale statistic was up 60.5 percent to 86 days, and home sellers were encouraged in June as the “months supply of inventory” was down 13.4 percent to 3.8 months.
“Buyers should be prepared to act quickly,” advises Sandy Krueger, CEO of SIBOR. “Have your finances in order, secure a mortgage pre-approval, and have all the necessary documentation ready. When you find a property you’re interested in, be prepared to act swiftly to make an offer. And now more than ever, having a savvy professional to work with is essential.”
NATIONAL TREND
According to the latest data from the National Association of REALTORS® (NAR), national existing-home sales climbed 0.2 percent from the previous month but were down 20.4 percent compared to the same time last year, as fluctuating mortgage rates and a near all-time low level of inventory continue to influence home sales.
Nationwide, total housing inventory increased 3.8 percent from the previous month, for a three-month’s supply at the current sales pace.
The shortage of homes for sale has kept prices high for remaining buyers, with a national median sales price of $396,100 as of last measure, a 3.1 percent decline from the same time last year and the largest annual decrease since December 2011, according to NAR. As demand continues to outpace supply, properties are selling quickly, with the majority of homes listed for sale on the market for less than a month.
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).
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Media Contact: Barton Horowitz
Relevant Public Relations, LLC
Headquarters: 718‑682‑1509
Mobile: 917‑715‑8761
Email: BHorowitz@RelevantPR.com
