Tuesday, March 16 2010
The snow is gone and we are ready to sell some homes. It seems however that our market is not leading the nation in the housing recovery. Almost half of the country showed an increase in the price of homes in the 4th quarter compared to the previous year. The number of homes sold increased in 48 states in the 4th quarter compared to the 4th quarter of the previous year. Nationally the supply of homes on the market is less than 6.5 months. These are all positive and encouraging statistics.
When the real estate market started slowing a couple of years ago our market stayed stronger longer and never declined to the same extent as the nation as a whole. Since our market slow down started later and since we did not fall as far, our recovery is running a little later than most parts of the country. For the first two months of 2010 our market is virtually unchanged having closed 2 fewer homes than the corresponding period in 2009. Average prices however were slightly higher at $118,075 compared to $112,319. Our inventory of homes is still too high at just under 12 months supply. I am certain that we will show a significant increase in closed sales in March compared to January or February. We have also seen more activity in more expensive home transactions in the past few months. Pending transactions increased significantly the second half of February and I firmly believe that sales will stay strong at least through April. I am confident about the April date partially because of the Home Buyers tax credit which is still available for contracts that are completed by April 30 and close by June 30. Smart shoppers and prudent sellers need to act soon to take advantage of this credit before it expires.
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