2015 Annual and Fourth Quarter Real Estate Sales Report
The Hudson Gateway Association of REALTORS just released our 2015 Annual and Fourth Quarter Real Estate Sales Report. Read the highlights or download the full report below:
The recovery of the real estate market in the lower Hudson region continued apace in 2015 as total sales in the region reached and exceeded the 15,000 sales level last attained in the pre-recession years of 2006 and 2007. Realtors participating in the Hudson Gateway Multiple Listing Service reported 15,324 closings of residential transactions (excluding multi-family units) in 2015, an increase of 1,769 units or 13% over 2014’s level.
The largest increase on a percentage basis occurred in Orange County where the 3,284 reported sales were 26% ahead of last year’s total. On a straight volume basis, Westchester, as the largest county in the region, posted 9,401 sales for an increase of 9% over last year.
The brisk pace of sales across the region and among most of the property types tracked by the MLS (single family houses, condominiums, cooperatives, 2-4 family houses) continued all year long and into the last three months of 2015. There were 4,313 closings in the fourth quarter, an increase of 16% over the comparable period in 2014. Those closings largely followed from marketing activity during the late summer and early autumn months
There are reasons to continue to be optimistic for the local real estate market in 2016. As noted, the inventory situation appears to have found its correct level with respect to high volumes of sales. Pricing has stabilized too. Mortgage interest rates remain very low, and the prevailing opinion is that the recent increase in the Fed overnight rate is not going to have an important negative effect, if any at all.