Staten Island Home Sales Report: Prices Up, Listings Down

Homes for sale in Staten Island (Point2Homes, Zillow, Getty)

Good news for realtors: the median selling price of homes sold on Staten Island last month is up 11% from a year ago, to $680,000. And they spent 25% less time on market — just 55 days.

But that was then. It’s now: Pending sales, which reflect contracts signed for homes last month, are down 24% from September 2021.

(Sibor real estate agencies)

The sales numbers reflect decisions made about two months ago because home sales take about that long to close. Things have changed since then, including mortgage rates and Americans’ perception of the economy.

Along with a 12% drop in the number of available homes, to 1,553, this explains why fewer buyers signed contracts last month to buy residences. New registrations in September fell nearly 15% to 466.

But the market downturn dates back to about a year ago, when an unsustainable pandemic frenzy of bidding and buying was underway. Sales closed in Staten Island last month were down 19% year over year.

The numbers come from the Staten Island Board of Realtors’ monthly report on the residential market in the “Forgotten Neighborhood.” Taken together, they indicate that there will be less business for real estate brokers on the island.

One statistic that hasn’t changed much is months of inventory, which is how long it would take to sell all the homes available today at the current rate of sales. The metric rose slightly by 4% at four months – not very long.

This is mainly due to the reduced number of houses on the market. Sellers pulled back, possibly because mortgage rates nearly tripled over the past year, with the average 30-year fixed-rate loan hitting 6.7% last week.

(Sibor real estate agencies)

Higher rates mean buyers on a budget can’t bid as much – monthly mortgage payments are 55% higher than a year ago, according to the National Association of Realtors – so homeowners considering selling could wait rates come down.

This could take some time, given the upward pressure the Federal Reserve promises to maintain on interest rates until inflation drops to 2%. Inflation was last spotted in the 8.2% range.

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