SIDNEY — For those of us in the real estate industry, 2015 will be remembered as a breakthrough year.
“Last year our local market finally started a to grow again following the recession seven years ago,” said Kohl Kirkland, industrial/commercial specialist with Brokers Real Estate Inc. “Sale price and the total amount of properties sold both increased, both in residential and commercial real estate.”
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The average sale price of a home in our region, for example, was $136,543. That is a strong increase over previous years, just like the total volume of houses sold which was 11 percent higher this year than in 2014. It’s not just a sellers market however, the amount of listings available has increased by almost ten percent, meaning there are more choices available for buyers.
At Brokers Real Estate, we also have a separate commercial real estate team who have also seen increases in activity. The amount of available industrial space in Shelby County is falling dramatically with prices growing higher than they have been in over a decade, this indicates the strong demand for space for companies in this area. The retail market has also performed well, with many of the smaller spaces around downtown being renovated and reopened.
Looking forward into 2016, our real estate market should continue it’s growth, although likely at a slower pace. Following up such a strong year will create more movement in the housing market, and despite the interest rate increase from the federal government, the average mortgage rate is still comfortably under four percent. This low rate makes it cheaper and easier for buyers to get more home for their money. The commercial real estate market should also remain strong in 2016, with many deals in progress that will create exciting opportunities for Shelby County.