For last month’s market statistics post, I made this statement…”It will be interesting to see the results of November, as I feel they will also show an increase over last year as people try to jam in their closing by the November 30 $8,000 first time buyer tax credit deadline.”
This was of course before we knew that they would be extending the first time buyer credit beyond November. So how did the closing numbers turn out for November? Here’s the latest data from the CT Multiple Listing Service for single family homes, deemed reliable, but not guaranteed…
My Observations…
1. So, it looks like the home buyer certainly motivated people around its original deadline. The number of November 2009 closings was up 50% over the November 2008 closings for the towns surveyed.
2. Newington continues its position as a Seller’s Market (less than 3 months of inventory) for the sixth month in a row. Man, I wish I had a house in Newington to sell… Eleven towns, shaded blue, are Neutral Markets (between 3-6 months of inventory). Five towns, shaded peach, are a Buyer’s Market. Canton is moving very slowly, with over a year of inventory.
Based on the Closed Sale data, it does look like the home buyer credit affected the market in our area. I would expect to see the spring market for 2010 pulled up into the earlier part of the year and expect the summer months to be extremely slow. This doesn’t necessarily mean that overall sales will be down for the year in 2010, just that the market will be shifted and off from its standard seasonal trends.