FOR IMMEDIATE RELEASE:
WEDNESDAY, AUG. 16, 2023
New Listings of Staten Island Homes Drop 21.4 Percent
Amid Rising Mortgage Rates
Median sales price of homes in the borough decreased 3.2 percent in July to $668,000, according to the latest statistics from the Staten Island Board of Realtors®
STATEN ISLAND, N.Y. – New Listings of Staten Island Homes Drop 21.4 Percent Amid Rising Mortgage Rates According to the latest report from the Staten Island Board of Realtors® (SIBOR), new listings in the borough decreased by 21.4 percent in July, contributing to a substantial 34.6 percent drop in inventory levels, compared to the same month last year.
The pricing landscape for Island homes displayed a slight softening, with the median sales price experiencing a 3.2 percent decrease from the same month in the previous year, settling at $668,000. Notably, the statistic measuring the number of days a property spends on the market before sale increased by 35.2 percent, reaching 78 days.
“Sellers and buyers alike are navigating a unique landscape influenced by economic conditions and market fluctuations,” said Sandy Krueger, CEO of the Staten Island Board of Realtors® and the Staten Island Multiple Listing Service. “While challenges persist, opportunities are arising for those buyers and sellers who are well-prepared and adaptable.”
REFLECTING A NATIONAL PATTERN
The influences upon the Island’s housing market are impacting real estate activity nationwide, as well. The National Association of REALTORS® (NAR) reported a 3.3 percent month-over-month decrease in existing-home sales nationwide in the latest measure. The housing market’s performance has been influenced by mortgage rates nearing 7 percent in recent months, causing potential buyers to temporarily delay their home purchase plans.
Additionally, the higher rates have dissuaded many current homeowners from listing their properties, fearing the loss of the low-rate mortgages secured a few years earlier when rates were significantly lower.
Despite the decline in existing-home sales, national home prices have remained close to record highs, with a median sales price of $410,200 in the latest assessment, representing a mere 0.9 percent drop from the all-time high of $413,800 recorded in June 2022, according to NAR. The limited inventory, with only 3.1 months’ supply heading into July, intensified competition among buyers and exerted upward pressure on sales prices, particularly in more affordable markets where demand for homes remains notably robust.
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).