makert stats thu october 2009

Below are the numbers for Yellowstone County for the first ten months of the year. If anyone had any doubt giving people an $8,000 tax break would affect people's behavior the numbers below should put that thought to rest. Things of note as we have progressed through the year we have steadily gained on our short fall of closed transaction compared to last year. The 79% above last year for pending sales of you can thank the $8,000 tax credit for that huge increase. When you look at sales price decline with size factored in my comment is about a 3% decline in pricing to put that into perspective the market has been flat since 2007. Not bad if you compare a 50% statewide drop in home values in California in the same time period, heck Las Vegas dropped 33% just from 2008 September to 2009 September. Another item to note is by definition first time buyers are rents and you can see the impact of them buying homes in the rental softness in pricing and increase availability.

Since it seems that Washington dc will pass an extension and expansion of the tax $8,000 for first time buyers $6,500 for person moving from a home they have owned for five years get ready for the after burns to kick in till reach altitude than flame out and head back for a crash landing.