This market analysis is for the areas of Hyde Park, Mt. Lookout, Oakley and Columbia Tusculum.  So what were the influences on the area in November and how did it fare compared to last year?Hyde Park Market Snapshot - November 2009

 

 

 

 

 

 

 

 

 

 

The historic extension of the Homebuyers Tax Stimulus of 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.

Currently the area has 335 active listings on the market, compared to last month's 368 homes.  There are 59 pending sales.  The average home sold in 130 days. If you use the last year's number of sales and compare it to the number of active listings, there are approximately  7.6 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.