Slight Dip as Expected Through September 2010

The market has corrected since the expiration of the tax credit, as expected. The last month of the artificially raised prices was in July and then we started seeing the average price drop in August and September. The average prices are now back to where they were in April of this year, which is about the same place as June of 2009 (the height of the 2009 market due to seasonal fluctuations). We are still much higher than the bottom of the market, which seemed to be January and February 2009. The seasonal fluctuations of the winter may take us a little lower but I don't expect it to drop as low as Jan/Feb of 2009 for our area. The spring should show slow growth once again.



The incredibly low interest rates are keeping buyer demand healthy in our area and we are in a better position regarding jobs than much of the US. Anecdotally, myself and several other agents I know have seen an increase in activity during the past two or three weeks.

Good news for buyers - supply is rising slightly and the sold price as a percentage of list price is dropping a little so there's more room for bargaining and more houses available than earlier this year.





Sellers - It's an incredible time to refinance, but if you're thinking about selling, you might have missed the ideal time earlier this year to get the best price. If you have equity in your home, this may not be an insurmountable barrier. The conditions are great for buyers and your home will sell if your expectations on the pricing align with the market.