March Market Update for Rochester, MN

The spring market is heating up quickly and there is the potential for greater sales volume than we’ve seen in quite a while as the deadline for taking advantage of the home buyer tax credit looms.  First-time home buyers purchasing on or after January 1, 2009 and on or before April 30, 2010 may be eligible for a tax credit of up to $8,000.  Home buyers who have owned a home for five consecutive years out of the prior eight years who purchase a home after November 6, 2009 and on or before April 30, 2010 may be eligible for a tax credit of up to $6,500.  Income limits and other restrictions may apply.

The volume of new listings continued to surge forward with 42% more new listings in February (284) than the month before.  The total number of active listings in February (1012) was up 13% over the previous month, and homes sold (68) were up nearly 20% from January.  Homes going under contract to pending (103)  were up 27% over the previous month.  Average market time to pending dropped to 131 days, down 6.4% from January, 2010 and down 12.7% from February 2009.

For the latest in all the local real estate stats make sure to check out https://www.shawnburyska.com/real-estate-statistics.php

For more information on the home buyer tax credit, the National Association of Home Builders has put together a great website: http://www.federalhousingtaxcredit.com/home.html.

Shawn Buryska ABR, CRS, GRI
Coldwell Banker Burnet Realty
507-252-6745
www.ShawnBuryska.com

This entry was posted in Real Estate News and tagged , , , , , , , , . Bookmark the permalink.