STATEN ISLAND, N.Y. (Nov. 11, 2022) – Mirroring a drop in home sales across the United States, pending sales on Staten Island were down 37.5 percent in October, as compared to the same month a year ago, and down 20.1 percent year to date, according to the latest data from the Staten Island Board of Realtors® (SIBOR).
As reported by the National Association of REALTORS® (NAR), pending home sales also declined nationwide, dropping 10.9 percent month-to-month, exceeding economists’ expectations. Existing home sales declined nationally for the eighth consecutive month, falling 1.5 percent as of last measure, with sales down nearly 24 percent from the same period last year.
When measured against October 2021, new listings on Staten Island decreased last month 22.9 percent to 415, according to SIBOR. The borough’s inventory levels fell 10.5 percent to 1,525 units, and prices continued to gain traction. The median sales price increased 5.5 percent to $675,000, and the “days on market” statistic was up 5.6 percent to 75 days.
Buyers felt empowered as “months supply of inventory” was up 8.4 percent to 4.1 months.
“We are fully into a transitioning market. Buyers and sellers need to be approaching with fresh eyes and professional assistance,” said Sandy Krueger, CEO of SIBOR.
The U.S. housing market is undergoing a major shift, and affordability continues to be an obstacle for buyers and sellers. Mortgage rates have doubled since March, and home prices remain elevated due to a limited supply of homes, although price gains are slowing at a quickening pace. As a result, many homeowners are waiting until market conditions improve to sell their home, while other sellers are increasingly cutting prices and offering concessions to attract a greater number of buyers.
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. All SIBOR Realtors belong to the New York State Association of REALTORS® (NYSAR) and the National Association of REALTORS® (NAR).
SIBOR may be reached at 718-928-3220 and viewed online at SIBORREALTORS.com. SIBOR may also be visited on Facebook at Staten Island Board of Realtors, Twitter via @SIBOR and Instagram at SIBOR REALTORS (siborrealtors).
Media Contact: Barton Horowitz