Last spring home sale closings in Billings Montana were about down about 40 homes from the previous 3 years for the period of April 15 to May 15. I just wanted to take a look at the last 5 years volume for one 30 day period. This is data sampling just to help folks get a feel for what's happened in the recent past.
We have an uptick in volume of "under contract" homes right now. Some would attribute this to both the first time home buyer's tax credit and the tax credit of $6,500 for those who have a 5 year history in their current home, and make a purchase for a new primary residence.
The average days on market for home sales that closed between April 15 and May 15 over the last 5 years has a pretty dynamic graph with both 2007 and 2009 showing increases in the market days for sale before a home that did sell closed. We have had a pretty long winter around Billings this past 2009-2010. I'll be interested to see what the stats look like in the next few weeks.
For 4 years, home prices rose just like a ladder until they hit the recession glitch in 2009. Our market here in Billings Montana has survived better than many markets around the country, thank goodness.
With record low interest rates and a bit of a dip in prices, buyer's have an opportunity.
It will be interesting to measure this period next month, after we see what has happened this year.
If we see an increase in prices and sales, will that be because of the tax credit? Or have we turned a corner?
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