REAL ESTATE UPDATE Jan - Sep 2009
With the September 2009 market statistics now available, we are able to compare the results with September of last year and can also review the first three quarters of the current year (January-September) with the same timeframe for 2008. Please note that only single family residence transactions are included in this report. Other property data available upon request.
From the chart below we can see in comparing Sep 09 with Sep 08, that sales were up in 09 a very nice 7%. There was only minor change in average and median sales prices, available listings were down 10% improving our inventory situation, and days on the market remained unchanged.
Most significant in reviewing year to date, would be sales down for the year a full 14% and days on the market up by the same 14%. While average sales price, year to date, was consistent with Sep 09, it was down nearly $8,000 from the same period of 08. Median sales price showed no change, and inventory (active listings) was down 4%, or, about 450 homes.
Home Buyer Tax Credit: Just this past Friday, 06 Nov, the program was extended thru 30 Apr 10. Applies to first-time homebuyers and includes those who have not owned a principal residence in the three years prior to purchase. Tax Credit is in an amount up to $8,000. The program is also expanded to include existing homeowners who have resided in their principal residence five consecutive years out of the last eight. Purchase must be for principal residence. Tax Credit for this group of buyers is in an amount up to $6,500. Eligibility period is now thru 30 Apr 10. There are provisions for contracts dated by 30 Apr which do close prior to 01 Jul 10. There are income restrictions and provisions in some cases for partial tax credit. Other considerations apply. You will want to verify your eligibility before proceeding. Please contact me if I can be of assistance.
Data provided in this report has been obtained from the Austin Board of REALTORS / Austin-Central Texas Realty Information Service statistical reports as well as data provided by the Real Estate Center at Texas A & M University.
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