There were 55 homes sold in the Forest Hills School district, including Anderson Township and Newtown in the month of March.  Currently, there are 77 pending sales...a great number for March. When looking at the average and median prices from last year to the first quarter of the year, all have gone up. 

Surprisingly, the number of Days on the Market has increased from 85 last year to 96 in the first quarter.  That may reflect the increased number of foreclosures and short sales.  Buyers continue to want homes that are in good condition versus neglected homes. 

Anderson Township and Newtown Market Snapshot - 2005-2010March buyers were trying to take advantage of the tax credit as the deadline approaches, but employment worries have remained an issue.  As a result, most of the housing demand has occurred at the low end of the market.

Nationally, both the traffic from buyers and the prices have increased to their highest level since Summer of 2006. The number of Days on the Market has remained stable for homes sold. A reduced time to sell would be a positive indicator for future pricing trends.

Lawrence Yun, chief economist for the National Association of Realtors says the the surge of both closings and pending sales is another hopeful sign for the market.  The rise in buyer contracts would signal a healthy gain and that home prices are continuing to flatten out.  This drawing down of inventory is definitely a good sign as everyone hopes the tax credit will stabilize home values.

The Pending Home Sales Index is a leading indicator for the housing market, indicating how many existing homes have accepted contracts, pending a closing.  In the Midwest, the number of pending sales is nearly 19% above a year ago this time.  In fact, there are numerous reports of multiple offers on properties.

With this in mind, the number of closed sales is expected to remain higher than the past three years through June 30, when closings must take place in order to benefit from the tax credit.