The Pulse of the Market
By Michael Ardolino, Broker-Owner, Realty Connect USA
Early October 2016
- At its September meeting, the Fed strongly suggested that an increase is possible this year. For the November meeting, this seems unlikely. For the December meeting, all bets are off.
The Picture in Our Local Area
- Our local market is active. The number of homes sold in August 2016 as compared to August 2015 increased by 15.9%–a strong showing.
- The median price of homes sold in August was $403,000, yet the median listing price was $549,000. Need I say more?
- Homes that are priced right will sell, and will not linger on the market. This is true in any market, whether buyer’s, seller’s, or neutral.
- Millennials are sharing the spotlight with baby boomers. Both groups are active in the LI market, as young families secure their first homes and boomers move to retirement homes.
- As noted in Long Island Business News, the Census Bureau found that millennials are starting to gravitate toward the suburbs rather than cities. This seems evident locally.
- As to boomers, as Newsday has noted, retirement communities are popping up all over LI to meet their changing housing needs. Builders, like realtors, have their fingers on the pulse of the region, and all this development speaks volumes.
Last spring, I predicted a watershed year for this region. That has surely occurred. If you are a buyer looking to get into the game before you are priced out, or a seller ready to cash in your equity, now is the time. Real estate is back.
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. For further details, visit my website at www.Ardolino.com.