What a Difference a Year Makes…
By Michael Ardolino, Broker-Owner, Realty Connect USA
The 2015 year-end stats brought good news for Suffolk County, with a strong finish to a strong year:
● The increase in sales volume that we monitored all year peaked in December, when the number of homes sold increased by 17.8% over December 2014.
● The number of pending sales in December was up by a stunning 28.6% over December 2014. Pending sales, representing homes under contract but not yet closed, point to the direction of the market—in this case, way up.
● The law of supply and demand has tipped in our favor. Suffolk’s excess inventory continued to decrease in December, down 4.3% as compared to December 2014, while demand remained high. Overall, Long Island is close to a balanced market of 6-8 months of inventory—a milestone—but not in every area. As inventory decreases, prices increase.
Real estate is back on top as a way to build family wealth and safeguard the future. Exhibit 1 shows the significant increase in home equity that you can expect if you buy now, even at a very modest price level. Exhibit 2 shows the sheer power of real estate as an investment vehicle, as compared to precious metals and stock.
My advice at present is the same for both sellers and buyers: It’s time.
I’m always happy to share helpful real estate information, by publishing educational newsletters, speaking at real estate forums, and arming people with all the data they need to make confident, informed real estate decisions.
Please feel free to contact me @ 631-941-4300 or Michael@Ardolino.com