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.

CENTURY 21 Real Estate Center transactions and listings are up over last year, too. Our Agents are working harder to put and keep deals together and are having great success. We have Agents who are experienced in short sales and bank owned properties, too; so please don't hesitate to give us a call for all your real estate needs.

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

ARE WE THERE YET?

This real estate market reminds me of those road trips we took as a family when the children were young ... always impatient and asking, "Are we there yet?" That's the question on all agents' and clients' minds ... have we hit the bottom of the market and when do we start up again?

And the best answer is ... maybe. After every downturn there is an upturn and we're more than ready for that. According to the most recent numbers, the median sales price increased nationwide in March for the second month in a row, the biggest monthly jump since June 2005. The months' supply edged up to 9.8 from 9.7 but the raw inventory actually declined for all types of homes. The Federal Housing Finance Agency also reported that home prices rose 0.7% in February, the second month in a row that prices rose putting them up 1.7% for the last two months. Again, the biggest gain since 2005. And, March New Home Sales came in at 356,000 annual rate, a small decline from February but better than expected. And, according to the same source, inventory levels continue falling, down to 46.0% from their mid-2006 peak and at the lowest level since 2002.

So, what do the numbers mean? It shows, in my opinion, that we're "bouncing along the bottom" of this housing market and I believe we're looking toward a slow recovery starting this summer. Short Sales and REO sales are now dominating the market but there are still real "Sellers" out there that need to move and have some equity positions so they can sell without having to negotiate with the bank.

As for Buyers who've been waiting for the best deals ... they are out there NOW. My serious suggestion is to get off the fence and get in the game. Interest rates may never be lower and housing prices are unbelievable. Gentlemen and Ladies ... start your engines!