April and 2009 YTD Madison County Home Sales

April home sales (296) in Madison County were down 31% from April 2008. Prices in April were down 5% from April 2008. For the first four months of 2009 unit sales in Madison County are down 27% from the same 2008 period. Home prices for the first four months of 2009 are down 5% from 2008 levels. Average inventory in 2009 is 11.5 months, which is more than twice the available inventory in 2006.

Patience is the name of the game for sellers and abundance is what's in store for buyers. Fortunately we have historically low mortgage rates which help more people afford housing and brings in more first time home buyers than normal. Also the $8000 tax credit for first time buyers has caused many to seriously consider moving up their decision to buy.

To compete in this crowded market, homes must be in pristine condition and priced a little below the market. A home that is not clearly superior in condition and/or price will stay on the market for a longer than average period.