Staten Island Board of Realtors® reports fairly stable home prices in the borough
STATEN ISLAND, N.Y. (Oct. 13, 2023) – On Staten Island and across the United States, surging borrowing costs and limited inventory continue to keep many would-be homebuyers out of the market.
Borrowers have become increasingly sensitive to fluctuations in mortgage rates, which have remained above 7 percent since mid-August. With fewer buyers able to afford the costs of homeownership, existing-home sales declined 0.7 percent month-over-month and were down 15.3 percent year-over-year, according to the National Association of REALTORS®(NAR).
New listings of homes on Staten Island decreased 21.6 percent to 384 in September, as compared to the same month last year, according to the latest report from the Staten Island Board of Realtors® (SIBOR).
When measured against September 2022, the latest SIBOR statistics show pending sales were down 5.8 percent to 295 and inventory levels fell 35.7 percent to 1,224 units.
Home prices on the Island were fairly stable last month, with the median sales price increasing 1 percent to $686,500, as compared to September 2022, and the days on market until sale statistic dropping 23.5 percent to 68 days.
Staten Island’s home sellers were encouraged in September as the months supply of inventory was down 18.5 percent to four months.
“The lack of available homes for sale continues to be the driving factor in the market,” said Sandy Krueger, CEO of SIBOR. “Trying to time the market seldom results in the desired result. Buyers and sellers are better served by entering the market based on lifestyle needs.”
National sales of existing homes recently fell to a seven-month low. Prices have continued to increase this fall despite softening home sales nationwide, as a lack of inventory has kept the market competitive for prospective buyers, sparking bidding wars and causing homes to sell for above asking price in some areas.
Heading into September there were only 1.1 million units available for sale, 0.9 percent fewer than a month ago and 14.1 percent fewer than the same period last year, according to NAR. As a result, the U.S. median existing home sales price rose 3.9 percent year-over-year to $407,100, marking the third consecutive month that the median sales price topped $400,000.
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).