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The 2021 housing market is one of the history books

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Staten Island Real Estate Market Snapshot as of January 3, 2022

Staten Island’s housing market closed out 2021 as home prices continued to gain ground, according to the Staten Island Board of Realtors® (SIBOR).

Staten Island real estate has seen a spirited recovery in 2021 from Covid-19 and is well positioned to continue to provide an orderly market. …”

— Sandy Krueger, CEO of the Staten Island Board of Realtors®

STATEN ISLAND, NY, USA, Jan. 11, 2022 /EINPresswire.com/ — Staten Island’s housing market closed 2021 as home prices continued to gain ground, according to the latest data from the Staten Island Board of Realtors.® (SIBOR).

“Staten Island real estate has experienced a spirited recovery in 2021 from Covid-19 and is well positioned to continue to deliver an orderly market,” said Sandy Krueger, CEO of SIBOR. “Changes in how people will work post-pandemic continue to make Staten Island a hot spot.”

The 2021 housing market is one for the history books. After three consecutive months of increases recently, existing home sales are on track to hit their highest level in 15 years, with an estimated 6 million homes sold in 2021, according to the National Association of REALTORS.®. Selling prices hit new highs, inventory bottomed, and homes sold in record time, often well above asking price.

Mortgage rates, which started the year at historic lows, remain attractive, and homeowners choosing to sell in the coming months can expect intense buyer activity due to pent-up demand during the pandemic. .

In 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% to $620,000. Days on market decreased by 26.3% to 72 days. Sellers were encouraged as months of inventory supply fell 58.7% to 2.2 months.

Looking ahead, experts predict that many of the housing market trends of 2021 will continue into 2022, albeit at a more subdued 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 the limited supply of homes, rising selling prices and rising interest rates, with the Federal Reserve expecting several rate hikes in the new year. As a result, price growth should slow somewhat, but affordability will likely remain a major constraint for some homebuyers.

To view the full SIBOR report, visit https://sinymls.com/wp-content/uploads/2022/01/SIBOR_MMI_2021-12.pdf.

About the Staten Island Council of Realtors® (SIBOR)

Established in 1915, the Staten Island Board of Realtors® (SIBOR) is the largest professional 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 property. Composed of more than 2,300 members, SIBOR serves real estate agents, brokers and affiliated professionals in the borough and surrounding areas. SIBOR is the provider of the Staten Island Multiple Listing Service Inc. (SIMLS), which operates as a clearing house 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 Realtors belong to the New York State Association of REALTORS® (NYSAR) and the National Association of Realtors® (NAR). SIBOR can be contacted 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).

Barton Horowitz
Relevant Public Relations, LLC
+1 718-682-1509
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