Interest rates, housing inventory and home prices require a delicate balance

STATEN ISLAND, NY.  (Jan. 17, 2024) – The housing market on Staten Island survived tough conditions in 2023, underscored by high-interest mortgage rates, low inventory levels and rising home prices. The latest data from the Staten Island Board of Realtors® (SIBOR) reflects the impact of these three factors, revealing a 13.8 percent one-year increase in the median sales price of Staten Island homes in 2023, a 6.6 decline in closed sales during the same period, and a whopping 30 percent drop in inventory.

When measured against December 2022: SIBOR statistics show new listings of homes on Staten Island decreased 11.2 percent last month to 199; pending sales were up 4.1 percent to 229, and inventory levels fell 30 percent to 1,025 units. Home prices continued to gain traction on the Island in December, with a median sales price increase of 13.8 percent to $700,000. The borough’s days on market until sale statistic was down 4.8 percent to 73 days. Staten Island home sellers were encouraged last month as the months supply of inventory fell 21.1 percent to 3.4 months.

“Moving forward in 2024, a delicate balance between a variety of economic factors and mortgage rates likely will influence an upswing in inventory levels and home-pricing stability –  but prices should be expected to remain high until significantly more buyer options become available,” said Sandy Krueger, CEO of SIBOR.

An important key for Staten Island sellers and buyers is to navigate the market with the guidance of a real estate professional – a Realtor subscriber of the Staten Island Multiple Listing Service Inc. (SIMLS). For the prime source of Staten Island home listings, local real estate market trends, and a directory of local Realtors, homebuyers and sellers can benefit from visiting MLSsiny.com, the online home of the Staten Island MLS.

NATIONAL TREND

According to the National Association of REALTORS® (NAR), low levels of inventory continue to impact U.S. home sales, offering few options for aspiring buyers to choose from. Entering December, there were 1.13 million units for sale, down 1.7 percent from the previous month but up 0.9 percent from the same period last year, for a 3.5 months’ supply at the current sales pace. As a result, sales prices remain high nationwide, with NAR reporting the median existing-home price rose 4 percent annually to $387,600 as of last measure, the fifth consecutive month of year-over-year price gains.

About the Staten Island Board of Realtors® (SIBOR)
and Staten Island Multiple Listing Service (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 or rent. 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).

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Media Contact: Barton Horowitz
Relevant Public Relations, LLC
Headquarters: 718‑682‑1509
Mobile: 917‑715‑8761
Email: [email protected]