Status: Make an Offer
27 Sands Street, Staten Island, NY
Price: $750000
0 Bedrooms
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
Pending Sales were down 14% to just 295 homes under contract.
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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Reviews
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...
Read more 06/23/2022 - featherknight
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...
Read more 12/16/2020 - baloso1
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...
Read more 11/19/2020 - kadelyn1028
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07/24/2020 - zuser20180129093746294
View more reviewsWords 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.
10/12/2019 - Cindyng12000