October Market Stats: '09 Better than '08

October 2009 surprisingly (or not so surprisingly, depending on how much you want to blame the tax credit expiring) outperformed October 2008 in average sold prices being higher ($261,771 in '09 up from $250,172 in '08) AND the better absorption rate (4.9 months in '09 vs. 5.5 months in '08). Although there were a bit more than 300 more closings in October of '08, there were also over 3,500 more listings in '08, making for much more choice and much less competition (it's competitive today, believe it or not!).

Check out the stats:

MLS Totals

All Areas Individually

Tax Credit is EXTENDED!!

To: All REALTORS® From: Charles McMillan, 2009 NAR President Date: November 5, 2009 Re: Congress Passes Tax Credit Extension/Expansion Dear Fellow REALTOR®, I am VERY excited to report that Congress has answered our call to extend and expand the homebuyer tax credit! Both the House and the Senate have passed an unemployment insurance bill, which includes an amendment that expands and extends the tax credit. That bill will be sent to President Obama for his signature in the next day or so. I have recorded a special edition of my President’s Podcast, with details on the new tax credit and when it takes effect. Please take just a couple of minutes to listen. http://www.realtor.org/about_nar/presidents_report/_podcast_archive/mcmillan_taxcreditextended_20091105 We also have posted a comparison chart on Realtor.org. This can be a helpful resource as you work with buyers to take advantage of the credit in the months ahead. http://www.realtor.org/fedistrk.nsf/files/government_affairs_tax_credit_ext_chart_110409.pdf/$FILE/government_affairs_tax_credit_ext_chart_110409.pdf On behalf of NAR, I thank you all for your participation in our advocacy efforts on this issue. Not only did we set a new record on responses to Calls for Action, but we helped move another step closer to a brighter future for America’s families and our economy. Sincerely, Charles McMillan, CIPS, GRI 2009 NAR President