Winter Goes Easy on Local Real Estate Market

Home buyers and sellers are in a good mood lately, and according to local real estate brokers, a combination of low interest rates and unusually warm winter weather are two of the reasons why.

"We have had a lot more activity, and coupled with interest rates going down in the beginning of the year, the weather has really helped," said Michael Ardolino of Team Ardolino/Realty Connect USA.

CNN Money reported Thursday that interest rates hit a 40-year low, dropping to 3.87 percent on a 30-year fixed-rate mortgage via the Freddie Mac Primary Mortgage Market Survey.

And the 50- and 60-degree weather seems to have had a positive influence, too. Vic Amoroso of in Stony Brook said while he saw only two homes in the Three Village area go into contract in January of 2011, he had 12 in January of 2012. New listings are double that of last year – 29 in January of 2011, and 60 in January of 2012.

The "winter doldrums," as Amoroso says, have a different feel this year. "We definitely are experiencing more enquiries on our listings and those of other Realtors, particularly during the past two weeks," he said.

"This increased activity certainly is encouraged by the salubrious weather, but the possibility that it's the harbinger of a stronger market in general can't be dismissed, either," he added.

Julie Malsky, owner and broker at in Setauket, saw a bump in both showings and traffic visiting open houses. While she acknowledged that the inventory of homes on the market is still on the hefty side, buyers and sellers are in a better mood these days.

"The warm weather has definitely brought more buyers out," she said. "Let's just say that I'm cautiously optimistic."