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The home buyer tax credit did what it was designed to do; it helped with stabilizing the housing market which in turn helped stimulate the economy. However, the market remains biforcated with the lower end ( under $300,000) selling and the high end ( over $500,000 ) struggling. Price is so important and especially on the high end homes. There are two types of homes on today’s market. Well priced homes in good condition that are selling within 60 days, and over-priced home that will be sitting on the market a long time.
Homes For Sale Vs. Sold Vs. Pending Vs. New Listing
The following graph compares the number of homes for sale vs. the number of homes sold vs. the number of pending sales vs. the number of new listings, between Feb of 2009 and April of 2010 (click to enlarge).
The Homebuyer Tax Credit Impact
The homebuyer tax credit did what it was designed to do: it helped with stabilizing the housing market, which in turn helped stimulate the economy. You can see how the number of pending home sales rose consistently leading up to the expiration of the homebuyer tax credit, in the graph above.
However, the market remains bifurcated, with the lower end (under $300,000) selling and the high end (over $500,000) struggling. Price is incredibly important, especially when it comes to high-end homes.
There are two types of homes on today’s market: 1) Well-priced homes in good condition that are selling within 60 days, and 2) Over-priced homes that will be sitting on the market a long time.
Moving Forward
Moving forward, local home buyers will continue to experience a purchase power advantage thanks to historically low interest rates and lower adjusted home prices.
2010 So Far
Lastly, here’s a table that summarizes a plethora of local housing statistics for the first four months of this year:
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