Staten Island Real Estate Market Trends for September 2023

Staten Island Real Estate Market Trends for September 2023

National sales of existing homes recently fell to a 7-month low, as surging borrowing costs, rising sales prices, and limited inventory continue to keep many would-be buyers out of the market.

Borrowers have become increasingly sensitive to fluctuations in mortgage rates, which have remained above 7% since mid-August.

With fewer buyers able to afford the costs of homeownership, existing-home sales declined 0.7% month-over-month and were down 15.3% year-over-year, according to the National Association of REALTORS®(NAR).

The Latest Numbers for September 2023 as compared to September 2022

>> CLOSED SALESD OVER THE PAST YEAR ARE DOWN OVER 15% TO JUST 300 HOUSES SOLD.

>> NEW LISTINGS SIGNED FOR THE PERIOD WERE DOWN 22% TO 384.

The lack of new listings signed has exasperated the inventory shortage in the market. The total number of houses for sale on Staten Island plunged 36% to 1,224 units as coimpared to over 1,900 a year ago.

As can be seen this puts upward pressure on prices. The average sales price has increased to $724,600.

The Months’ Supply of Inventory was down 18% to approx. 4 months of supply.

Prices continue to increase despite less home sales since the lack of available inventory has kept buyers eager to compete in the market. 

Data provided by SIBOR.