Rod's Blog

The surge in home sales appears to be feuled by first time home buyer tax credits which are set to expire at the end of this year. The Buffalo Niagara Board of Realtors reports a 15 year record for home sales. Prices are up too, according to the same source. Deadlines to qualify for the tax credit are... sign a contract of sale by the end of September 09 and close the sale by the end of November 09.

Should we celebrate?

Well, if you're a tax payer and not a first time buyer and if you're happy to be paying for the tax credit then by all means, have a party. Actually, it could be your yet-to-be-born grandchildren who are paying for this program. Either way, this surge could poop out after the credits expire. When the dust settles, it will be interesting to find out if values are up in an amount roughly equal to the tax credit, particularly in market segments which appeal to first time buyers. If that happens to be the case, then the increases in values could be judged to be artificial.  

What about Chautauqua County? I just ran a quick report, year to date (12 months ending 8/23/08 vs 8/23/09) using stats for single family sales in the Chautauqua County MLS. Here's what I found-                   

     8/23/08            vs        8/23/09

Avg List price         $120,800                                $124,232

Avg Closing Price    $111,493                                 $114,320

Median Clsng Price  $76,500                                   $74,521

Avg Days On Mkt      124                                           128              

Total listings            1447                                       1371  

Total Sales               894                                          706

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Summary- In 2009 we have slightly higher average sale prices, slightly lower median sale prices, similar days-on-market, fewer listings & fewer units sold.

Seems flat to me... But flat isn't so bad when much of nation is still reeling from a breathtaking drop in values.