Market Report

Market Overview

	Sales End Year on Up Note
Sales of single-family, re-sale homes surged in December, up 20.7% from November and up 8.1% year-over-year. For the year, home sales were up 17.2%. Visit the Annual Report for full details. With the extension, and expansion, of the tax credit for buyers, we expect sales to be strong through Spring because of the first-time home buyers tax credit of $8,000 for buying a principal residence. First-time buyer is a buyer who has not owned a principal residence in the three-year period prior to the purchase. There are some income limits. For full information, see: http://federalhousingtaxcredit.com. In addition, the tax credit was expanded to include move-up buyers. The tax credit for move-up buyers is $6,500. A move-up buyer is a person who has owned and resided in the same home for at least five consecutive years of the eight years prior to the purchase date. Again, for full info, see the web site cited above. P.S. The tax credit expires April 30th. You need to have a signed contract by then and close the sale within 60 days to qualify for the credit. The median price for single-family, re-sale homes was flat at $370,000, good enough for a 9.1% gain compared to last December. Inventory rose unexpectedly in December compared to the month before: up 19.8%, but continued to be lower than last year: down 18.6% compared to December 2008. Condo sales were up 9.5%, month-over-month, and were up 3.7% compared to last December. Year-to-date, condo sales are up 15.1%. The median price for condos was down 5% from November, but was up 6% year-over-year. Condo inventory was down 14% compared to last December.