Friday, May 28 2010
Observers of Tri-State home sales have something to smile about.
A report from the Evansville Area Association of Realtors reveals home sales in Vanderburgh, Warrick, Posey and Gibson counties continue to climb, well after federal tax incentives for buyers expired at the end of April.
Chris Dickson, president-elect of the association, said the number of single-family homes in the four-county area were up 18.7 percent the first 21 days of this May, compared to the first 21 days of May 2009.
The increase was slightly higher than the 17.6 percent increase in sales for all of last month, compared to April 2009, he said.
“Clearly the tax credits had their intended effect. They ‘primed the pump’ and got the housing market going,” said Dickson, a real estate agent with ERA 1st Advantage Realty.
“We expect the increased activity to continue, because buyers who did not find the perfect home in April are still looking.”
For statistic lovers, a total of 241 homes were sold in the four counties in the first 21 days of this May, compared with 203 homes sold during the same period in 2009.
Dickson said the median sale price continues to also increase, up 11.2 percent so far this May, compared to May of last year.
He said the current median sale price was $123,500 vs. $111,000 a year ago.
“The overall volume and contribution to the economy has increased by 33.4 percent. Over $34.3 million worth of homes were sold in the first 21 days of this May, compared to $25.7 million during the first 21 days of last May.”
Dickson said that although the tax credits are no longer available for everyone, they are still available for people in the U.S. military.
“Also, there is plenty of FHA and conventional mortgage money available,” he said.
“Interest rates are still at historic lows. Interest rates for a 30-year fixed rate are available for around 5 percent.”