A Toast to 2014:
The Year of Momentum
By Michael Ardolino, Broker-Owner, Realty Connect USA
We started this year noting the promise of new opportunity, a stronger economy and housing market, and the fact that we were poised for a good, solid growth. We sure hit the mark:
- Lower inventory created increased competition among buyers for a smaller pool of homes. This led to a robust market, especially in the spring.
- Interest rates were the wild card all year long. The Federal Reserve had us on the edge of our seats, as some unexpected actions caused unexpected movement in rates. The latest Fed news indicates that rates will remain low at least through the first quarter of 2015.
- The latest MLS figures show that the median price of homes sold in Suffolk went up by 2.9% in November over November 2013. The number of pending sales in Suffolk went up for the same period. (Pending sales represent contracts that have been signed but not yet closed.)
- Several positive changes within the financial services industry benefited the real estate market this year, and new rules making it easier to secure mortgages took effect on December 1st.
Our next report will cover year-end stats as well as our 2015 market projections.
Meanwhile, please feel free to contact me at
631-941-4300 or Michael@Ardolino.com if I may be of service.