Posted by Charlene Delaney
All expectations in 2015 are for a healthy and energetic selling season. National stories have been highlighting an increase in new construction sales and
pending sales, but national stories are not always readily applied to the local scene. All the same, if ever there was a year to list or purchase a home, wider economic factors seem to indicate that this is the one.
New Listings were down 13.6 percent for single family homes and 8.9 percent for Condo/TIC/Coop properties. Pending Sales increased 6.0 percent for single family homes but decreased 0.7 percent for Condo/TIC/Coop properties.
The Median Sales Price was up 27.6 percent to $1,250,000 for single family homes and 14.0 percent to $1,100,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 13.3 percent for single family units and 17.6 percent for Condo/TIC/Coop units.
On average, more people are employed and making more money than they were at this time last year. The jobs picture, as a whole, looks promising. Employment drives home-buying activity, so it is ever critical to watch labor statistics as a key indicator for the residential real estate market. Coupled with the mostly positive jobs picture, it is widely expected that mortgage rates will remain as they are for at least the first six months of the year.
Click here for the full report: SFAR_MarketFocus_2015-March