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.