Friday, April 09 2010
The Evansville Area Association of Realtors reports a 28.4 percent increase in area home sales this March over last March.
The housing market in the Tri-State appears to have rebounded and continues on the upswing.
The fact that the first-quarter sales of this year have outpaced last year confirms that to be the case, said Chris Dickson, president-elect of the Evansville Area Association of Realtors.
"2010 is a good year for real estate in this area," he said.
Dickson said the latest statistics from the association shows a 28.4 percent increase in the number of single-family homes sold in Vanderburgh, Warrick, Posey and Gibson counties this past March compared with the number of sales in March 2009.
Pending home sales also appear on an upward surge nationally, likely in response to the homebuyer tax credit, said the National Association of Realtors.
Its March index won't be released until May 4, but the national association reports sales showed a healthy gain in February.
According to the Evansville Area Association of Realtors, a total of 307 homes were sold in Vanderburgh, Warrick, Posey and Gibson counties last month, compared with 239 sold in March 2009.
The increased activity caps off a strong first quarter, which saw the number of homes sold increase by 11.4 percent over last year's first quarter.
A total of 650 homes were sold in the four-county area this January through March, compared with 582 sold last year during the same period.
Dickson attributed the increase to historic low interest rates and plenty of mortgage money available from local lenders, even though the requirements for approval are tighter.
He said, "Buyers also are very active now because they need to be under contract by April 30 to qualify for the federal tax incentives. ... There are more buyers, looking to take advantage of the incentives.
"Homes are receiving multiple offers. Sellers need to be on the market now."
The only thing holding the market back from more expansion is the low number of homes on the market today, Dickson said.
"Now is the time for sellers to get back into the market."
The area association of Realtors also reports the average sale price increased 9.7 percent for the quarter, rising to $127,149 from $115,845 last year.
The increase in number of sales and increase in average prices combined to generate a 22.5 percent increase in overall volume and contribution to the economy. More than $82.6 million homes were sold in the first three months of this year, compared with $67.4 million during the first three months of last year.
Dickson said, "Topping off the good news is the fact that it takes two to three weeks less time to sell a home this year compared with last year.
The average time to sell a home now is approximately 141/2 weeks compared with almost 17 weeks a year ago.
Friday, March 19 2010
Realtors cite federal tax credit, very low interest rate.
The $6,500 federal tax credit for home-owners buying their next home is being credited for part of the upward movement in house prices in Vanderburgh and surrounding counties.
According to a report by the Evansville Area Association of Realtors, the sale price of single-family homes in Vanderburgh, Warrick, Posey and Gibson counties in January and February increased by 13.5 percent over the same period last year.
Chris Dickson, the association's president-elect, said he believes the tax credit brought out buyers for homes in the range of $150,000 to $250,000.
"There are more buyers in the market looking to take advantage of the federal tax incentives," said Dickson.
"The fact that average sale prices in 2010 are starting out strong, compared to 2009, also shows that the housing market in this area continues to rebound."
Dickson also attributed the increase in part to mortgage rates that remain at historic lows.
Bob Reid, president of the Realtors association, agreed.
He predicted March and April also will be strong as the April 30 deadline nears for the expiration of the $6,500 tax credit and for the $8,000 federal tax credit for first-time home buyers.
"There's been no discussion about extending the credits," Reid said.
According to Reid, a person must sign a contract agreement to buy a house by April 30 and must close on the house purchase by June 30 to be eligible for the tax credits.
In January and February this year, the average house sale price in the four counties was $126,282, up from $111,603 in the same two months in 2009, according to the association report.
In Vanderburgh County, the average sale price for the two months rose 7.7 percent to $104,380.
The price was $96,849 for the same period in 2009.
Dickson said Warrick County had the biggest increase, rising by 15.59 percent to $186,818, compared with $161,148 in 2009.
The number of homes sold in the four-county area remained about the same: 341 sold the past two months compared with 343 for the same period last year.
The number of days it took to sell a house on average was 100 in January and February, compared with 110 in 2009.
Because of the increase in the average sale price, the overall volume rose 12.8 percent with more than $43.1 million in homes sold in January and February, compared with $38.2 million last January and February.
"Unfortunately," Dickson said, "many sellers are under the mistaken impression that the market is poor, so they are hesitant to put their homes on the market."
As a result, the number of homes available to buyers dropped to its lowest level in over two years, according to Dickson.
"We need more homes on the market to supply the buyer demand. ... Homes that are in good condition and priced well are selling."
Wednesday, December 23 2009
Chris Dickson, president-elect of the Evansville Area Association of Realtors, said he believed that the federal incentives, both for the first-time home buyer and the second-time home buyer, will keep the market in the Tri-State active in the first quarter of 2010.
"The first half of 2009 was very quiet in residential sales, but the last half was much stronger, and that indicates upward movement into 2010.
"We're ending the year strong and looking forward to continued growth."
Dickson, a sales associate for ERA First Advantage Realty Inc., said he believed we've "been through the bottom and now we will be moving on. ... It is a good time for both buyers and sellers. There is a lot of buyer interest now."
Bob Reid of Evansville-based Appraisal Consultants said people wanting to buy homes is historically strong and constant.
"When we have external forces that we have had, that slows sales activity; the demand continues to grow even stronger."
Reid said in an overall look at the market, the number of sales and sale prices are running true to numbers seen in 2008.