STATEN ISLAND, N.Y. ( NOV. 10, 2023)– Despite historically low inventory levels, October’s number of pending home sales on Staten Island increased, as compared to a year ago, according to a newly released report from the Staten Island Board of Realtors® (SIBOR).
When measured against October 2022, the latest SIBOR statistics show pending sales last month were up 22 percent to 333, inventory levels fell 36.1 percent to 1,180 units, and the number of new listings of Staten Island homes increased 1.7 percent to 430.
Home prices on the Island were fairly stable last month, with the median sales price increasing 0.8 percent to $665,000, as compared to October 2022, and the days on market until sale statistic rising 4.4 percent to 78 days.
Staten Island home sellers were encouraged in October as the months supply of inventory was down 23.4 percent to 3.8 months.
“Inventory, mortgage rates and prices are all stubbornly refusing to move too much in any direction, which is creating an incredibly sluggish environment,” said Sandy Krueger, CEO of SIBOR. “There is no way to anticipate when housing-market conditions will change. It’s a frustrating situation for everyone. The good news is that opportunities do exist for those willing to search them out.”
U.S. sales of existing homes recently fell to a 13-year low, dropping 2 percent month-over-month and 15.4 percent year-over-year as of last measure, according to the National Association of REALTORS® (NAR), as surging interest rates and elevated sales prices continue to make homeownership unaffordable for many prospective buyers. Purchase activity is down significantly compared to this time last year, but rising interest rates are also keeping many current homeowners from selling, causing inventory to remain at historically low levels nationwide.
Total housing inventory going into October was at 1.13 million units, up 2.7 percent from the previous month but down 8.1 percent compared to the same time last year, for a 3.4 months’ supply at the current sales pace, according to NAR. The shortage of homes for sale is making it harder for buyers to find a home to purchase while at the same time pushing sales prices higher nationwide. The median existing-home sales price nationwide has risen 2.8 percent annually to $394,300, the third consecutive month of year-over-year 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.
SIMLS is the premier source for real estate listings and market information on Staten Island, providing real
estate professionals and the community with a comprehensive platform for property listings, market data, and
professional development opportunities.
All SIBOR Realtors belong to the New York State Association of REALTORS® (NYSAR) and the National
Association of REALTORS® (NAR).
SIBOR and the SIMLS may be reached at 718-928-3220 and viewed online at MLSsiny.com. 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).