SUMMIT COUNTY REAL ESTATE UPDATE - APRIL 2010
According to the National Association of Realtors® (in press release on April 22, 2010), Buyers responding to the homebuyer tax credit and favorable affordability conditions boosted existing-home sales in March, marking the beginning of an expected spring surge.
Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 6.8% to a seasonally adjusted annual rate of 5.35 million units in March from 5.01 million in February, and are 16.1% above the 4.61 million-unit level in March 2009.
Lawrence Yun, NAR chief economist, said it is encouraging to see a broad home sales recovery in nearly every part of the country, with two important underlying trends. "Sales have been above year-ago levels for nine straight months, and inventory has trended down from year-ago levels for 20 months running," he said. "The home buyer tax credit has been a resounding success as these underlying trends point to a broad stabilization in home prices. This is preserving perhaps $1 trillion in largely middle class housing wealth that may have been wiped out without the housing stimulus measure."
In the same press reease NAR also reported that total housing inventory rose slightly (by 1.5%) at the end of March and at the current sales pace it represented an 8-month supply of existing homes.
A parallel NAR practitioner survey shows first-time buyers purchased 44% of homes in March, up from 42% in February. Investors accounted for 19% of transactions in March, unchanged from February; the remaining sales
were to repeat buyers. All-cash sales remain elevated at 27% in March, the same as in February.
A recent Gallup poll (April 15, 2010) reported that "Lower but stabilizing home prices combined with continued low mortgage rates have persuaded 72% of Americans that now is a 'good time' to buy a house".
Although here in Summit County we are not feeling the effects of tax-credits as much as other areas of the country, there are some positive news in our real estate market as well.
Number of transactions in the first quarter of 2010 across the county was up 30% compared to the same time last year (see the graph on your left).
Number of transactions has increased in all areas, except Copper Mountain - down 71%. The highest increase took place in Frisco - up 140% from the last year's sales numbers!
The trend continues, as we see the same increase throughout the month of April (I'll keep you posted!).
Number of foreclosures remains low - out of the total 160 sales in the 1st quarter of 2010 only 6 were bank sales. ...READ MORE IN MY QUARTERLY NEWSLETTER
ADDITIONAL REAL ESTATE INFORMATION IN MY ARCHIVES:
Quarterly real estate Newsletter / January 2010 - Click here
Quarterly real estate Newsletter / October 2009 - Click here
Quarterly real estate Newsletter / July 2009 - Click here
Quarterly real estate Newsletter / April 2009 - Click here
Quarterly real estate Newsletter / January 2009 - Click here
Quartely real estate Newsletter / October 2008 - Click here
Real Estate Update / September 2008 - Click here
Real Estate Update / August 2008 - Click here
Quarterly real estate Newsletter / July 2008 - Click here
Real Estate Update / June 2008 - Click here
Real Estate Update / Valueable Coupon / May 2008 - Click here
Quarterly real estate Newsletter / April 2008 - Click here
Real estate update and Tax Tips / February 2008 - Click here
Quarterly real estate Newsletter / January 2008 - Click here
Happy Thanksgiving / Client Appreciation Event / November 2007 - Click here
Quarterly real estate Newsletter / October 2007 - Click here
It's snowing in Summit County / October 2007 - Click here
Real estate update / Calendar of Events / September 2007 - Click here
Quarterly real estate newsletter / July 2007 - Click here
