John   Martelotti

John Martelotti

Licensed Real Estate Salesperson

License #: 40MA0954369

Keller Williams Staten Island

Mobile:
917-202-8309
Office:
718-766-7159
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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.

Staten Island Real Estate Market Overview

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