Real Estate Re-emerges
By Michael Ardolino, Broker-Owner, Realty Connect USA
The great strides of the 2016 market continue:
- The number of pending sales in Suffolk rose by 2% in April as compared to April 2015. With the Fed noting the possibility of a rate hike as early as June, even this number could soon be surpassed. Any potential buyers who have become complacent about rates would abruptly change their stripes.
- Suffolk’s pending sales price in April rose modestly over April 2015. This is a trend we have been reporting. Sales volume increases more readily than sales price, and this is healthy.
- The number properties sold in Suffolk increased by 9% in April over April 2015—solid growth.
- Baby boomers are figuring prominently. Many of the youngest boomers, now turning 50, are ready for vacation homes or downsizing. Older boomers are gravitating toward new 55-and-over complexes springing up all over LI. The increase in building speaks volumes.
- The nation’s 83 million millennials continue to make their presence known. Studies show that they are ardent savers who strongly believe in the American Dream, another plus for the market.
Real estate is re-emerging as a driving force of the LI economy. Inventory continues to decrease, by 12% in April over a year earlier, paving the way for higher prices. The LI unemployment rate is the lowest it has been since 2007, promoting sales. Rates remain low. These three economic factors are resulting in higher prices both nationally and locally. The latest Case-Shiller Home Price Index report showed a 2.7% increase for NY.
This could well be a watershed year for the region; don’t miss out.
Please feel free to contact me: 631-941-4300 or Michael@Ardolino.com.
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 websites at www.Ardolino.com and www.LongIslandHomeConnection.com.