Staten Island Real Estate Market Trends

Beautiful home
Status: Just Sold

1292 Rockland Ave, Staten Island, NY

Price: $319000

1 Bedrooms

1 Bathrooms [ 1 Full ]

Beautiful home
Status: Active

9 Waterside Parkway, Staten Island, NY

Price: $500,000

3 Bedrooms

2 Bathrooms [ 1 Full, 1 Half ]

1144716

Beautiful home
Status: Active

27 Sands Street, Staten Island, NY

Price: $1050000

0 Bedrooms

Staten Island Real Estate Market Trends - November 2022

Housing affordability continues to be a major roadblock for market participants, with mortgage rates more than double compared to this time last year. There are two themes playing out at the moment:

1. Buyers are delaying home purchases in hopes that rates will drop.

2. Many sellers are holding off on listing their homes due to weakening buyer demand.  

Homeowners are unwilling to trade in their current lower rates for significantly higher borrowing costs on their next property

As a result, existing-home and pending home sales have continued to slow as we move into winter.


The Latest Numbers for November 2022 [as compared to November 2021]

New Listings on Staten Island decreased 23% to 336 homes available for sale. There were 435 new listings this time last year.

Pending Sales plunged 37% to just 263 homes under contract.

Closed Sales took a nosedive. They were down 40% to 280 homes sold.

Inventory levels are still decreasing, coming in down by 10% to just 1,416 houses available for sale.

The Median Sales Price was up 7% to $670,000 as prices slowed their ascent

Days on Market was down 6% to 63 days near it's average for the year.

Sellers are still concerned as the Months Supply of Inventory was Up 12% to 3.9 months supply.

This has caused some hesitation for sellers as they contemplate their next move. 


With home sales down, nationwide housing inventory was at 3.3 months’ supply heading into November, up from 2.4 months from this time last year, according to the National Association of REALTORS®. 
 

Although buyers have more options to choose from, home prices remain high, and soaring borrowing costs have caused monthly payments to increase significantly, with the average homebuyer paying 77% more on their loan per month compared to the same period a year ago, according to Realtor.com.

Data provided by SIBOR.

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John was absolutely fantastic in assisting me with finding the perfect home for me. He was immensely attentive, professional and treated me like family. He's an absolute real estate star who truly loves what he does and it shows. I cannot recommend him enough!
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2022-06-23 - featherknight

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Everything went very smoothe from showing me the apartment to setting up a meeting with the landlord. John was very professional and I was very happy. I would recommend John’s services to people I know.
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2020-12-16 - baloso1

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Very knowledgeable and helpful. The whole experience could not have gone better thanks to John Martelotti. He responded immediately to all questions and concerns. He let me know the overall plan as well as each step in the process. I would recommend him.
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2020-11-19 - kadelyn1028

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Good service and excellent communication, would recommend to friends. Helped me find a great apartment that I am happy to be living in for the next 2 years!!!!
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2020-08-04 - danielle woodman

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I highly recommend John in helping anyone find a home. My experience with John was great! He is very knowledgeable on every aspect of purchasing a home super patient and honest ! ??
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2020-07-24 - zuser20180129093746294

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Words don’t express how great John and experienced he is. He got my property rented within 2 weeks!! His professionalism calmed my fears and made me feel at ease every step of the way.
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2019-10-12 - Cindyng12000

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