STATEN ISLAND, N.Y. – The U.S. housing market began the year in a state of rebalance, with many buyers and sellers remaining cautious as they wait to see where the market is headed.
The report also shows, when measured against January 2022, last month’s pending home sales on the Island were down 35.6 percent and inventory levels fell 5.1 percent.
Home prices were a tad soft in January as compared to the same month a year ago, reflecting a 3.8 percent decrease in the median sales price to $625,000. The number of days on market until sale was up 9.7 percent to 82 days.
Staten Island homebuyers felt empowered as the “months supply of inventory” rose 26 percent to 3.7 months.
“With mortgage rates retreating from their last quarter highs, the labor market staying strong and inventory levels still very low, savvy buyers and sellers can find opportunities by staying well-informed, “said Sandy Krueger, CEO of SIBOR.
As home sales slow nationwide, time on market is increasing, with the average home spending 26 days on market as of last measure, according to the National Association of Realtors® (NAR). Seller concessions have made a comeback, giving buyers more time and negotiating power when shopping for a home.
Mortgage rates declined steadily throughout January, falling to their lowest level since September, sparking a recent surge in mortgage demand. Lower rates should aid in affordability and may soon lead to an uptick in market activity ahead of the spring selling season.
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).