Kate Collins, Cheshire Connecticut Real Estate

Cheshire CT Real Estate and Homes for Sale, October 2009 Market Report

Home Sales for Cheshire - October 2009 sales were 18, down -14.3% from 21 in October for 2008 and -10.0% lower than the 20 last month.

October YTD Sales of 167 are running 5.0% ahead of last year's year to date sales of 159.

Prices - The Median sales price in October was $350,000 down -2.2% from $358,000 in October of 2008 and up 5.1% from $333,000 last month.

Inventory - The total inventory of homes available for sale as of October was 170, up 9.0% from 156 last month and up 11.1% from 153 in October of last year.

A comparatively low MSI (month's supply of inventory) is more beneficial for sellers while a higher MSI is better for buyers.

MSI ( months supply of inventory) for October of 9.4 months was it highest level compared with October of 2008 and 2007.

Market Time - The average Days On Market (DOM) shows how many days the average home is on the market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyers market, a downward trend a move towards more of a Seller's market.

The DOM for October was 73 up 17.7% from 62 days last month and down -21.5% from 93 days in October of last year.

Prospect CT Real Estate and Homes For Sale, October 2009 Sales Report

Home Sales for Prospect CT: October 2009 sales were 7, down 22.25% from 9 in October of 2008 and 16.7% higher than the 6 sales last month.

October YTD sales of 62 are running 5.10% ahead of last year's year to date sales of 59.

Prices - The Median sales price in October was $275,000 compared to $215,000 for last month and down -7.3% from $296,500 in October 2008.

Inventory - The total inventory of homes available for sale as of October was 51, down -5.6% from 54 last month and down -12.1% from 58 in October last year. October 2009 Inventory was at its lowest level compared with October on 2008 and 2007.

A comparatively low MSI (month's supply of inventory) is more beneficial for sellers while a higher MSI is better for buyers. The October 2009 MSI of 7.3 months was at a mid level compared with October of 2008 and 2007.

Market Time - The average Days On Market (DOM) shows how many days the average home is on the market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyers market, a downward trend a move towards more of a Seller's market.

The DOM for October was 100 down -27.5% from 138 days last month and down -42.2% from 173 days in October of last year.

Home Buyer Tax Credit Expanded and Extended

President Obama signed an extension and expansion of the first-time home buyers tax credit on Friday November 6, 2009. Following are the highlights of the new legislation. For detailed information you can go here.

• The $8,000 Tax Credit for first time home buyers was scheduled to lapse on Dec 1, 2009 but will now be in effect through June 30, 2010.

• FOR THE FIRST TIME, homeowners who have owned and occupied a residence for at least five years out of the past eight can claim $6,500 tax credit if they close on a purchase by the end of June.

• Home Buyers must sign a contract before April 30th, 2010 and close by June 30, 2010.

• The income limits were also raised: Single buyers can now earn up to $125,000 and still get the full credit while a married couple can earn up to $225,000.

• To be eligible as a first time home buyer you must not of had an interest in a principal residence for 3 years prior to purchase.

• The maximum allowed home purchase price is $800,000.

Home-buyer Tax Credit to be Extended and Expanded

On Friday, November 7, 2009 it will be official when President Barack Obama signs a bill that extends and expands the home-buyers tax credit.

The bill extends the current $8,000 tax credit for first time home buyers that was set to end November 30, 2009 to April 30, 2010. It expands the tax credit to all homeowners who have lived in their current residence for at least five years.

The maximum of credit for these buyers will be $6,500. Income levels will also be extended from the current limits of $75,000 for a single purchaser and $150,000 for couples to $125,000 and $225,000 respectively. Above those limits there are diminishing credits available.

I will keep you posted once it becomes official!

Prospect CT Home Sales Market Report for September 2009

Sales

Home sales in Prospect CT for September 2009 were 6, down -45.5% from 11 in September of 2008 and -60% lower than the 15 sales last month. September YTD sales of 55 are running 10% ahead of last year's year to date sales of 50.

Prices

The Median sales price in September was $215,000, down -29% from $302,500 in September of 2008 and down -16% from $255,000 last month.

Inventory & MSI

The total inventory of homes available for sale as of September was 56, down -6.7% from 60 last month and down 6.7% from 60 in September of last year. September 2009 Inventory was at its lowest level compared with September on 2008 and 2007. A comparatively low MSI (month's supply of inventory)is more beneficial for sellers while a higher MSI is better for buyers. The September 2009 MSI o f9.3 months was at its lowest level compared with September of 2008 and 2007.

Market Time

The average Days On Market (DOM) shows how many days the average home is on the market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyers market, a downward trend a move towards more of a Seller's market. The DOM for September was 138, up 84% from 75 days last month and up 22.1% from 113 days in September of last year.