Try adding a new file in the root of your project called "local.properties" (or modify the existing one). It should contain
sdk.dir=
followed by the path to the sdk location, in my case
sdk.dir=/Applications/Android Studio.app/sdk
I think Android Studio normally creates one automatically but says that it shouldn't be added to VCS. I put it in my .gitignore and cloned the project on my Mac which resulted in this error. Strangely before 0.1.5 it worked just fine without the file.