In March sold units were up 52% over February, but still considerably down from one year prior. Our local housing inventory has been very tight which has had an impact for some time now.
The average sales price has continued to climb and has been consitently above 2009. We may even see average prices creap above 2008, later this summer. With the end of the Federal tax credit coming on April 30th, it is likely that this upward trend will continue on strong.
Time on the market has been reduced greatly in this tight market. Most homes are going under contract within a few days. The only thing that has held back the timelines is the large number of short sales. The time it takes to get the seller’s lenders approval is still quite long.
There is an expected increase in the number of homes on the market coming after the tax credit expires. Many believe that the banks have been working in concert with the federal reserve in limiting the inventory. This assisted in pricing recovery and kept the tax credits from going through the roof.
The average sales price has continued to climb and has been consitently above 2009. We may even see average prices creap above 2008, later this summer. With the end of the Federal tax credit coming on April 30th, it is likely that this upward trend will continue on strong.
Time on the market has been reduced greatly in this tight market. Most homes are going under contract within a few days. The only thing that has held back the timelines is the large number of short sales. The time it takes to get the seller’s lenders approval is still quite long.
There is an expected increase in the number of homes on the market coming after the tax credit expires. Many believe that the banks have been working in concert with the federal reserve in limiting the inventory. This assisted in pricing recovery and kept the tax credits from going through the roof.
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