Sales of detached existing homes ended March with gusto, as every market indicator showed movement toward the positive.The reason: Spring has begun and Federal home buyer tax credit deadline for signed contracts is at the end of this month.
Snapshot of last months activity:
- There were 1,077 pending sales, making it the strongest month for pendings since July 2007. That number is up from 748 in March 2009 and 779 in Febuarary.
- Closed sales numbered 634, up from 465 last year and 380 last month.
- New listings increased 1.701 from 1,415 last year and 1,349 in Febuarary.
- The average days a home stayed on the market was 76, down from 86 last year and 82 last month.
- The dollar volume in closed sales jumoed to $133.8 million, up from $101.6 million last year and 78.5 million in Febuarary.
- Home sale prices, while down compared with last year, did increase over last month. The median, the price at which half the homes sell for more and half for less was $175,000 in March, compared with $184,500 the same month last year and $169,950 in Febuarary.
As for the increase in homes sold, I think we are seeing a little bit of an increase because of the tax credit and because of the season.