According to the Staten Island Board of Realtors® (SIBOR), the Staten Island housing market closed in 2021 as house prices continue to gain ground.
– Sandy Krueger, CEO of the Staten Island Board of Realtors®
STATEN ISLAND, NY, USA, Jan. 11, 2022 /EINPresswire.com/ – The Staten Island housing market closed in 2021 as house prices continue to gain ground, according to the latest data from the Staten Island Board of Realtors® (SIBOR).
“Staten Island real estate has experienced a vigorous recovery in 2021 from Covid-19 and is well positioned to continue to provide an orderly market,” said Sandy Krueger, CEO of SIBOR. “The changes in the way people will work after the pandemic continue to make Staten Island such a popular place.”
The 2021 housing market is one for the history books. After three straight months of recent increases, existing home sales are on track to hit their highest level in 15 years, with around 6 million homes sold in 2021, according to the National Association of REALTORS.®. Selling prices hit new highs, stocks bottomed, and homes sold in record time, often well above asking prices.
Mortgage rates, which started the year at historic lows, remain attractive, and homeowners who choose to sell in the coming months can expect to see a lot of buyer activity due to pent-up demand during the market. pandemic.
At Staten Island, new listings fell 16.1% to 255. Pending sales fell 3.3% to 387. Inventory levels fell 48.4% to 987 units. Prices continued to gain ground. The median selling price rose 8.8 percent to $ 620,000. Days on the market fell 26.3% to 72 days. Sellers were encouraged as the month’s supply of inventory was down 58.7 percent to 2.2 months.
Looking ahead, experts predict that many of the housing market trends from 2021 will continue into 2022, albeit at a more moderate level. Strong buyer demand and inventory shortages are expected to persist over the next year. Home sales are expected to remain strong, but will be tempered by limited supply of homes, rising selling prices and rising interest rates, with the Federal Reserve forecasting multiple rate hikes in the new year. As a result, price growth is expected to slow down somewhat, but affordability is likely to remain a major constraint for some homebuyers.
To view the full SIBOR report, go to https://sinymls.com/wp-content/uploads/2022/01/SIBOR_MMI_2021-12.pdf.
About the Staten Island Real Estate Board® (SIBOR)
Established in 1915, the Staten Island Board of Realtors® (SIBOR) is the largest trade association in Staten Island, NY
SIBOR exists to enhance the ability and opportunity of its members to conduct their business successfully and ethically, and to promote the preservation of the public’s right to own, transfer and use real estate. Composed of more than 2,300 members, SIBOR serves real estate agents, brokers and affiliated professionals throughout the borough and its surroundings. SIBOR is the provider of Staten Island Multiple Listing Service Inc. (SIMLS), which functions as a clearinghouse through which more than 250 local real estate companies exchange information about the properties they have listed for sale. Together, its members participate in more than 5,000 real estate transactions each year. All SIBOR real estate agents belong to the New York State Association of REALTORS® (NYSAR) and the National Association of REALTORS® (NAR). SIBOR can be reached at 718-928-3220 and viewed online at SIBORREALTORS.com. SIBOR can also be visited on Facebook at Staten Island Board of Realtors, Twitter via @SIBOR and Instagram at SIBOR REALTORS (siborrealtors).
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