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4th Quarter Sales Better Than Expected

by The Worrell Group

The housing market came through the past year in rather better shape than might have been expected; home sales were down only 4 percent (969) from 2008. In the past year we experienced instability in financial markets and the subsequent sharp contraction in the economy, and some dynamics in the market remain: unemployment and buyer confidence.  

The 4th quarter housing market in the Indianapolis area flourished with homes posting a dramatic rise.  Home sales were up 15 percent from 4th quarter 2009 versus 4th quarter 2008.  Buying activity in nine counties surrounding Indianapolis indicates that improved affordability is prompting many first-time buyers to get off the fence, out of their rentals, and into the market.  

A look at county-by-county increases in 2009 home sales from October to December provides some of the details:

Boone       UP    56%   to       211

Johnson     UP   31%   to       477

Hamilton    UP   28%   to     1,131

Shelby       UP   27%   to       109

Hendricks   UP   16%   to       449

Marion       UP   15%   to     2,811

Madison     UP   15%   to       330

Hancock    UP   14%   to       229

Morgan      UP   11%   to       186 

Average Price of Homes Sold in the Indianapolis area December, 2009 vs. December, 2008: 

$142,010    December, 2009

$128,479    December, 2008

 

2009 Waterfront Stats Are Pretty Good

by The Worrell Group

Make sure to view the 2009 Waterfront Stats for several areas.  The number of sales are down in every area, but the Average Sale Price is up in all areas except in Carmel.

On the main page of the website, the News link will take you to the stats or use the link below.

http://www.homesonwater.com/Newsletter

If you are considering a sale and/or purchase this year, don't hesitate to contact me.  If you own a non-waterfront home that you would like to sell, let me know.  We will implement our Waterfront Marketing System to help sell your home.

Central Indiana Home Sales Up 27% In November

by The Worrell Group

Indianapolis, IN–(December 21, 2009)--November, 2009 home sales in central Indiana increased 27% compared to November, 2008. Sales in the Indianapolis area in November totaled 1,907.  That compares to 1,500 homes sold in the nine county reporting area in November, 2008, according to RE/MAX of Indiana.

  Several Counties Show Extraordinary Gains

All nine central Indiana counties showed gains in November, 2009 home sales compared to November, 2008.  However, Boone, Hamilton and Johnson Counties reported the largest gains.

Ø  Boone County:  67%

Ø  Johnson County:  59%

Ø  Hamilton County: 45%

Tax Credit Extension: Closing Deadline Doesn’t Mean What it Meant Before

The first-time homebuyer tax credit extension will extend the tax credit until April 30, 2010. 

However, there is an additional benefit for qualifying homebuyers under the tax credit extension.

The Senate agreement stipulates that buyers must have a sales contract on a house by April 30 to be eligible, but it gives homebuyers an additional 60 days to close the purchase. 

“There is little argument that the extension of the first time home buyer tax credit should help stabilize home prices,” according to Dan Breault, Regional Director, RE/MAX of Indiana. “Since the program was created home prices have found a bottom and have actually started trending higher.”

There are definitely some areas that are continuing to see lower home prices but as a whole the United States has seen a tick up in the price of homes.  Now that the tax credit will last until April 2010 there is a good chance that we have seen the bottom in housing prices for the time being.  The overall market in the Indianapolis area is beginning to stabilize, year-to-date home sales in central Indiana are down only 4 percent, or 939 homes, when compared to 2008.    

Link Regarding BOTH Federal Tax Credits

by The Worrell Group

http://www.federalhousingtaxcredit.com/home.html

This link should answer most of your questions regarding the Tax Credit for First Time Buyers AND the new Tax Credit for current homeowners.

Area Home Sales Surge 23%

by The Worrell Group

First Positive Year-Over-Year Increase Since October 2008  

First-Time Home Buyers Fueling Housing Market 

INDIANAPOLIS - (November 18, 2009) - Indianapolis area home sales in October 2009 surged 23% compared to October 2008, according to new monthly data compiled by RE/MAX of Indiana.

Home Sales: By the Numbers

Ø  2,199  Homes Sold in October, 2009

Ø  1,781  Homes Sold in October, 2008

This jump is the first positive year-over-year percent increase since October 2008, and it can be attributed to first-time homebuyers trying to close on homes prior to the original closing date of the tax credit. The tax credit is now extended. Home sales in the $75,000 to $125,000 range were up 55% compared to the previous year. 

Indianapolis has seen positive growth in home sales since the inception of the first-time homebuyer tax credit in February.

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The Randy Worrell Team
RE/MAX Legends Group
5645 Castle Creek Pkwy N
Indianapolis IN 46250
Direct: 317-819-3330
Voicemail: 317-644-0086

Randy Worrell  -  RE/MAX Legends Group       317-819-3330  Direct       317-590-5709  Mobile