This housing market analysis is for the Cincinnati area of Mt. Adams.  So what were the influences on the area in November and how did it fare compared to last year?

Because the graph below is based upon only 2 sales in November, do not be alarmed by what it shows.  A more significant number of sales need to occur to get a broad understanding of what is happening in the market. Mt. Adams Market Snapshot - November 2009

 

 

 

 

 

 

 

 

 

 

The historic extension of the Homebuyers Tax Stimulus for first time buyers and the expansion to include homeowners who have owned their properties for at least five years has changed the outlook for real estate.  Economists had predicted that the improvement in home sales might decrease as soon as the rush to get in on the $8000 stimulus expired.

As we chart new territory, it will be fascinating to see how sales respond when we can look at December's numbers.  Since the holiday season is typically a slow time in the real estate year, will buyers get a head start on collecting the $8000 tax credit for first time buyers or $6500 for those selling and buying. 

Good numbers were attributed to abundant inventory of homes, low interest rates and the push to close prior to the original Homebuyer Tax Stimulus deadline.  The Mt. Adams area is more dependant on financing that requires a 20% downpayment, because listings have a higher average price.

Currently the area has 45 active listings on the market, compared to 53 last month.  There are 3 pending sales.  The average home sold in 150 days this month. If you use last year's number of sales and compare it to the number of active listings, there are approximately  22 months of inventory on the market.  Looking only at the number of pending sales to active listings, a more robust market would be anticipated. The National Association of Realtors indicates that six months of inventory is a balanced market.