The tax credit has officially expired and the numbers are pointing to it being a huge success. Nationwide data is not in yet for April however in March home sales were up 21% over the same period last year according to The National Association of Realtors (NAR) Pending Home Sales Index.
First time home buyers made up 44% of home sales in March across the nation. The Pending Home Sales Index reflects signed contracts and not actual closings but is a pretty good indicator of things ahead. The true picture of what effect the tax credit had on the housing market will continue to form over the next few months as any home under contract will need to close by the end of June. This points to a very healthy next 7 weeks for home closings. That is the good news. Economist with NAR expect sales to soften in the coming months, the key test will be in the fall and winter. Additionally, the economic crisis in Greece could have an impact on things as well. Germany - who is invested heavily in Greece was also a very prolific buyer of mortgage notes and collateral debt obligation. This "could" produce a second credit crunch. All that said, things seem to be pointing in the right direction.
Moving on to a more local level...
Currently there are 83 homes under contract in O'Fallon IL. This represents a 29% increase over this same time last year.
Of the 83 homes currently under contract, 84% were listed between $100,000-$299,999.
There were 38 homes that closed in April 2010.
37 of these were re-sale with an average price of $182,878 and 140 days on the market
1 was new construction with a sales price of $214,500 and 126 days on the market.
94% of the homes closed in April were below $300,000.
Looking back... April of 2010 was the best we have seen in 3 years:
Closings are up over 19% Year to date from last year:
Last but not least it seems (for now) that the downward trend on average prices may have leveled out. In 2009 thru April the average sales price was $179,000 for the same period this year it is $180,000.
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