With the first six weeks of 2015 covered in a blanket of snow, the weather conditions weren’t the only conditions on New Englander’s minds. Just as quickly as they could shovel the snow from their driveways, consumers took their homes off the market, leaving a very limited inventory when it finally melted. Despite mother natures best efforts with record snowfalls, the 2015 regional housing market ended with home sales rising 9% higher than previously in 2014.
Another important change to note in the market was the speculation earlier in the year that the Federal Reserve would raise interest rates at the close of 2015, which it eventually did on December 16th. Although this initially did not help with the limited inventory in the market, it marked the first time since 2006 the rates were raised, helping to assure millions of Americans that the economy is in better shape. This increase in consumer confidence, coupled with lower unemployment rates, a rebounding local economy and continued low interest rates converged to create a steadily growing housing market throughout New England in 2015.
Single-family homes increased 2.1% on average and condominiums rose 2.6% over last year’s prices. When we see homes appreciating between two and four percent, this indicates that affordability is still high and as long as inventory expands in 2016, the New England housing market will remain healthy.
– Dan Breault, EVP & Regional Director of RE/MAX INTEGRA, New England
In 2016, first time buyers are expected to play a significant role in this years housing market across the region, which will also continue to experience inventory shortages in key areas, rising home values and higher interest rates. See below for some helpful tips on how you can leverage this report in your business:
- Provide a copy of the report in your listing presentations
- Make a copy available at your next open house
- Ensure a copy of the report is available for clients to browse at your office
- Share with your network via email
- Encourage clients to view the report on social media
Keep an eye on our Facebook and Twitter so you can quickly and easily share the report with your clients, or as an example to see the best way to share on your own platform. Click the button below to download the full report.