Staten Island Real Estate Market Trends - February 2023
As the Federal Reserve continues to combat inflation by raising the benchmark interest rate in February to 4.75% a quarter point increase from 4.5% previously.
This is the eighth rate increase from March 2022 when rates were essentially zero.
Pending sales did increase by 8% helped mostly by the dip in mortgage rates from their peak last fall. Affordability is still proving difficult and continue to limit homebuyer activity overall, with existing-home sales declining for the twelfth consecutive month according to the National Association of REALTORS.
The Latest Numbers for FEBRUARY 2023 compared to February 2022
Closed Sales tumbled and were down 47% to 197 homes sold.
Inventory levels are down by 10% to just 1,223 houses available for sale.
New Listings signed decreased by 28% to 357 listings.
The Median Sales Price was $650,000 just slightly higher than last year at 648K.
Days on Market Until Sale increased by 14% to 91 days, the highest level in over a year.
The Months’ Supply of Inventory was up 21% to 3.7 months of supply. This has caused some hesitation for sellers as they contemplate their next move.
With buyer demand down home prices have continued to slow their ascent higher. Prices are still slightly higher than they were a year ago.
Sellers are now cutting prices and offering incentives to attract buyers. This was not the case a year ago and buyers are slowly finding a more favorable market.
This is all a waiting game as market experts predicthigher interest rates in the coming weeks.
Data provided by SIBOR.
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