The impact of the Tax Rebate has certainly been felt. In the months leading up to the expiration of the tax rebate we saw under contracts and pending sales increase significantly. We also saw the prices for foreclosures, especially in the under $200k price range, gradually increase and in some instances price increased significantly.
Now two months after the contracting deadline to take advantage of the tax rebate the recovery, at least in real estate, seems less than hopeful.
There were 5,138 closings for all single family units in June which was a decrease of 5.9% from June 2009. It was also our first year to date decline after four consecutive positive months.
There were 4,326 closings in June for all single family detached homes, which was a decrease of 6.9% compared to June 2009.
There were a total of 812 closings for all single family attached units in June, which is an increase of 4.5% over June 2009. This is the highest number of closing since August 2007. We may attribute this to the abundance of foreclosures and their attractive pricing.
Average Sale Prices
The average price for all single family units in June was $203,815, which is slightly higher that June of 2009, but well off the highest average set in June 2007 of $271,224.
The average price for single family detached units was $214,694 in June which is a 1.3% increase over June 2009.
The average sales price for all single family attached units in June was $145,856 which is a decline of 8.6% form June of 2009. The last time the average sales price was this low was in 1999, $133,704.
Forecast suggests a continuous flow of foreclosures and short sales for the balance of the year. It would be surprising if the market improves much the rest of the year. For more info on the national level check out Realtor.org.
Van Purser is a licensed real estate broker in Georgia. Since1981 he has successfully purchased and renovated over 400 homes. His expertise is in the area of foreclosures, rehabs and fixer uppers. Additionally, he has represented hundreds of clients over the years as a broker with Metro Brokers, RE/Max and now with his own firm. He and his wife, Jeanne, who is also a broker, have been married since 1977. For follow up on this article you may email Van at VanPurser@VanPurser.com
Van Purser and his wife Jeanne are a licensed Real Estate Brokers in Georgia. Since1984 they successfully purchased and renovated over 400 homes. Their expertise is in representing Buyers or Sellers as an advocate; which means always ensuring their best interest. Additionally, they represented hundreds of clients over the years as an Associate Broker with Metro Brokers, RE/Max and now with his own firm. He and his wife, Jeanne, have been married since 1977. Van or Jeanne can be reached at 770-623-3313, or by email at firstname.lastname@example.org or email@example.com.