By Terry Gearhart, Research Manager, Residential Data Bank
Residential Data Bank is a firm dedicated to helping new construction builders, REALTORS® and the buying public better understand real estate market trends and how they can impact various aspects of the residential new construction market.
By most measures, 2014 was a “down” year when compared to 2013. Permits, closings and total revenues were down, with only average sales prices rising. But before too much doom and gloom sets in, remember that we spent most of 2014 climbing out of the hole created by the first quarter’s polar vortex that kept economic expansion in a catch-up mode all year.
In reality, 2014 rallied nicely in the fourth quarter and set the stage for a greatly improved 2015.
Sales picked up nicely in “non-traditional” selling months of December and January, posting some impressive gains. Economists are predicting 2015 growth around 3.0%, up from its meager 2.2% performance in 2014. Defense dollars are poised to start flowing back into Hampton Roads. We’ll begin to see the first wave of Millenials entering the housing market and distressed sales continue to trend downward. All this has set the stage for a more robust 2015.
Thinking about buying a home? The smart money is taking action now before prices rise further and interest rates begin their inevitable and long-delayed climb towards 5%. And Residential Data Bank will be here monitoring the trends and giving you the information you need to make the most informed decisions.
Take a look at some of the trends were noticing:
Terry Gearhart is a REALTOR® who is the Research Manager for Residential Data Bank. He can be contacted at email@example.com