January 25, 2016
The volume of Monroe County sale transactions in 2015 represented the best showing for our market since 2007.? Mortgage volume, while solid, did not approach what was originated during the historic low interest rates of 2012 or the government induced borrowing of 2009. (see chart page 7)? Sales of properties marked as the buyer?s personal residence continue a five year rise to the highest level since sales disclosure data became available. (chart page 14) Most encouragingly sales above $125,000 were considerable stronger than a year ago ? about 21% better!?? Sales of non-primary residence property also reached a five year high. (chart page 16) Most of that growth however is in the market above $200,000, especially above $500,000.? TRID appeared to have a modest effect on the purchase market as fourth quarter sales were slightly higher than in the same quarter of 2014.? I?ve read national predictions that 2016 will bring a few more purchase transactions off set by fewer refinances. Our order counts so far for January are in line with that thinking.? Most of our closings with financing are now TRID transactions. The processes seem to be sorting themselves out. And clients appear used to the additional compliance induced complexities.
We?re busy doing more training and reorganizing behind the scenes to address the different time frames now required. With no new compliance burdens on the horizon, we?re enjoying getting back to figuring out how to do things better. What a relief!
Here?s to a prosperous and successful 2016!
~ John Bethell