I was curious to see how much the tax credit would affect sales in Winnetka, Wilmette, Kenilworth and Glencoe. As it applied to first time home buyers (or buyers who had not bought for three years) and with income restrictions I did not think it would have much of an impact.
Basically, I was right, with the exception of Wilmette which posted 32 sales for the month of November.
Here's how everything panned out for November closed sales:
Total $ Volume: $8,083,500
Median Price: $871,250
Average Price: $1,010,438
Total $ Volume: $24,798,050
Median Price: $620,000
Average Price: $1,585,000
Total Dollar Volume: $6,023,471
Median Price: $584,736
Average Price: $752,934
Total Dollar Volume: $3,818,000
Median Price: $954,500
So an amazing uptick in sales in Wilmette, with 9 of the sales under $500,000 and 9 sales over $1,000,000. Wilmette has the largest in population of these villages, and offers a wide swing in prices so I believe some of these sales can be attributed to the housing tax credit.
The tax credit has now been expanded until April, with closing allowed until the end of June. Some of the rules have changed and have been expanded to include all buyers, not just first time home buyers, but there are still income restrictions.
If you would like more information about the housing tax credit, please give me a call.