The median price for single-family, re-sale homes gained 1.4% in November from October, and it was up 10.4% year-over-year. This is the third month in a row the median price has been higher than the year before. Also, the median price is at its highest level since August 2008.
After a strong October, driven in part by the first-time home buyers tax credit, which was set to expire October 31, sales fell in November: down 17.8% from October. Year-over-year, home sales were up 7.3%. With the extension and expansion of the home-buyers tax credit, we expect sales to pick up and for the first quarter to be very strong. Year-to-date, home sales are up 13.3%.
The tax credit has been extended to April 30th. The difference being, you only need to have a contract in place by then. After which, you have 60 days to close the contract to qualify for the tax credit. The expansion of the tax credit applies to existing homeowners who have been residing in their principal residence for five consecutive years out of the last eight and are purchasing a home to be their principal residence (“repeat buyer”). They may be eligible for up to a $6,500 tax credit.
Inventory continues to decline: down 31.2% compared to last November.
Pending sales were up 35.1% year-over-year.
Condo sales were down 14%, month-over-month, but were up 11.5% compared to last November. Year-to-date, condo sales are up 15.1%.
The median price for condos rose 5.7% from October, and was up 13.8% year-over-year.
Condo inventory was down 27.3% compared to last November, while pending sales were up 44.5%.
The real estate market is very hard to generalize. It is a market made up of many micro markets. For complete information on a particular neighborhood or for an evaluation of your home’s worth, call us.