Market Report November 6th 2009

By
Real Estate Broker/Owner with REALTY EXECUTIVES of Lebanon

This report pertains to residential homes on less than 10 acres sold from Oct 9th to Nov 5th as reported by the Lebanon Board of Realtors MLS.

 

In the last month there were 18 homes sold for a total of almost 2.5 million. The average price of these homes was almost 137 thousand and the median price was 118, these homes had an average time on the market of 134 days. There are currently 13 homes listed as under contract in the Lebanon MLS and those homes have an average price of 143 thousand.

 

Year to date there have been 195 homes sold, down from last years 227 during the same time frame the average price is around 111.5 thousand dollars just under last years 113.7K, the YTD volume of almost 21.7 million is down from last years 25.8 million. Our average time on the market this year has been 182 days, that's drastically up from last years 137 day average.

 

As of today there are 320 homes in Laclede County with less than 10 acres, listed with the Lebanon MLS. The average asking price is around $137,900 with median asking price of just about $113,000; these homes have an average time on the market of 171 days.

Well it has been speculated that the first time home buyers tax credit would be extended and it appears now that it will. Both the senate and congress have passed a bill extending that credit and it will likely be signed by the president and become law. This bill does more than extend the existing credit, it also adds a $6500 credit for existing home owners who purchase a new primary residence. The addition to the credit allows existing home owners who have lived 5 consecutive years out of the last 8, to qualify for the credit. That means if you have owned and lived in your existing home and you choose to purchase a home before the deadline you will qualify for the credit. Even if you sold a home 2 years ago and have been renting and you choose to buy now you can take advantage of this credit. The credit has been extended to may 1st of 2010 but allows buyers an additional 2 months to close on a transaction. Another addition to this extension is geared towards our men and women who are military and have served oversees for 90 days or more between Dec 31 2008 and May 1st 2010. These military members will have an additional year to qualify for these tax credits. Just to be clear, a tax credit is different than a tax deduction and applies to a qualifying family as a reduction of their overall tax liability and often result in a full payment of the credit from the government, but as in all financial matters it is best to consult your accountant to evaluate your individual circumstance.

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Pete Spencer

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