First Quarter Numbers Are Published!

And I do believe we've bounced, finally! The NWMLS reported on April 5, 2010, that the Member Brokers have reported a 51% jump in pending home sales over the same month a year ago. While entry-level home sales have been driving the market, March showed that 91 residences in the NWMLS area sold for $1 million or more; compared to only 40 homes in this price range for the same period last year.

NWMLS Brokers also reported a year-over-year increase in the number of new listings added to the inventory, up 26.7% over a year ago. However, even though listings are up, so are sales, which takes DOWN the inventory approximately 2.8% from a year ago. That's good news for Sellers.

Closed sales also outpaced year-ago totals by a wide margin, a 47% increase over last year. And, even with sales being up, prices are still down somewhat, about 2% system side; however, prices have increased 1.8% since January of 2010.

Home Buyers are still experiencing some frustration, however, in actually getting offers accepted. Homes that are priced well (basically short sales and banked owned real estate) frequently have more than one Buyer interested and therefore the best offer wins. And, we are still experiencing long waiting periods for Bank Approvals on shorts sales, too. Buyers are still reluctant to offer over list price to make the deals work. And, with the Home Buyer incentive going away at the end of this month, sales may take a small dip.

If you'd still like to take advantage of the Home Buyer Tax Credit, you only have until April 30, 2010, to have a signed around accepted contract. You still have until June 30, 2010, to get it closed, but the window of opportunity is closing fast. Please call us if you'd like more information or assistance with a purchase or putting your home on the market.

Statistics for this article taken from NWMLS News Release of April 5, 2010.