May OC Real Estate Market On Homes Up To 600k
June 14, 2010 by Ryan Davison · 4 Comments
What is going to happen to the real estate market now that the tax credit has come to an end?
Michael Fratantoni, MBA’s Vice President of Research and Economics said:
“The data continues to suggest that the tax credit pulled sales into April at the expense of the remainder of the spring buying season.”
Numbers for May have just come out, lets take a look at them now.
For sale is up 4.5% and sold is up 12.3% from last month. Now sold means that the property could have been in escrow for 30-90 days or longer and just so happen to close in May, a carry over effect of the tax credit. The more accurate stat to look at is Pended, because this is property about to close that month. Pended is down 14% from last month, although there are only 4 months out of the last 15 where pended was higher. Look at the chart below for more detailed information.
Lets look at some more numbers.
The median price is $367,000 which is 7 dollars higher then last month, and the average price is $366,000 which is 2 dollars higher then last month. Both the median and the average price is the highest it has been dating back 15 months. The average price per SQ.FT is $264, 5 dollars higher then last month and also the highest it has been in the last 15 months. Days on market is at 67, there is only one month out of the last 15 where that was lower.
Judging by these numbers the real estate market looks strong for the month of May.
There is no doubt we are in an interesting market right now. The next few months will give us a better understanding of what the market is doing.
Stay tuned for tomorrows blog where I will discuss the 600k to 1 million market.
| 1 month | 1 year | 15 months | |||||||
| Apr 10 | May 10 | % Change | May 09 | May 10 | % Change | Mar 09 | May 10 | % Change | |
| For Sale | 5089 | 5316 | 4.5%  |
4485 | 5316 | 18.5% |
6795 | 5316 | -21.8%  |
| Sold | 1785 | 2004 | 12.3% |
1888 | 2004 | 6.1% |
1784 | 2004 | 12.3% |
| Pended | 2710 | 2330 | -14% |
2211 | 2330 | 5.4% |
2247 | 2330 | 3.7% |
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Tax Credit For Veterans.
May 14, 2010 by Ryan Davison · Leave a Comment
Remember the old tax credit that expired a few weeks ago? If you are a Veteran who has served overseas in the last 12 months or a Federal Government employee, the $8000 first time home buyer and the repeat home buyer credit of $6500 has been extended for another year and will end April 30Th 2011. Just another way the government is saying “THANK YOU” to our wonderful troops that keep this country great! Come back Monday when I talk about the VA mortgage thats also available to Veterans.
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New Tax Credit!
March 30, 2010 by Ryan Davison · Leave a Comment
You heard it right, California has just come out with a new tax credit.
The credit is worth up to $10,000, spread over three years. The credit is available to anyone who buys a newly built home or to first-time home buyers who buy a newly built or existing home as your principle residence .
A first-time buyer is defined as an individual, or an individual’s spouse, who had no ownership interest in a principal residence for three years before the date of purchase.
People who are not first-time buyers can get the credit if they buy a newly built home, but not an existing one.
In both cases, the home must be a single-family residence, attached or unattached, and be used as the buyer’s principal residence for at least two years.
The credit is equal to 5 percent of the purchase price or $10,000, whichever is less.
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Home Buyer Tax Credit Extended
December 18, 2009 by Ryan Davison · Leave a Comment
Image by Getty Images via Daylife
President Obama has approved the extension of the $8000 first time home buyer tax credit as well as a $6500 credit for repeat or move-up home buyers who have lived in their primary residence for five years or more. The credits will now end on may 1st.
There are a few stipulations to both credits but with low interest rates it is still a great time to buy property.
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