Denver-area homebuyers hurry as tax credit expires
View All Posts April 12, 2010 ::
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 Expiring federal homebuyer tax credits helped propel Denver-area home resales, of both houses and condos, in March from February and year over year, according to Metrolist Inc. data released Thursday.
Total resales rose 12.35 percent to 3,602 year over year, and jumped 47.87 percent from February sales.
Average sold price for both types of housing last month increased 7.10 percent to $248,905 from the same month of 2009 and was basically flat from February.
Resales, also called existing-home sales, are those of homes that have already been sold at least once before.
“First-time homebuyers will be out in force in the next 30 days, even though inventory will increase,” Gary Bauer, an independent Littleton residential real estate broker, said in a statement. “[Move-up] buyers will remain limited.”
Those credits include the $8,000 first-time homebuyer credit and the $6,000 credit for existing homeowners who want to buy a different home. The first-time homebuyer tax credit was extended last fall, at the same time the existing-homeowner credit was added, but real estate brokers don’t expect either credit to be extended this year.
“Hundreds of homebuyers in Colorado are still rushing to beat the April 30 deadline for the homebuyer tax credit,” David Simonson of Re/Max Professionals Inc. said in a report released Thursday. “If they’re successful, we could see some big sales numbers in next month’s report.”
Among the neighborhoods attracting the highest average selling prices for houses alone were Boulder ($611,479), metro Denver’s southeastern suburbs (476,312), Louisville (443,259) and southeastern Denver ($421,671).
Most existing houses sold — 32 percent — were in the $100,000-$200,000 price range, followed by the $200,000-$300,000 range with 31 percent of sales.
Other significant Denver-area statistics from Metrolist’s March report:
• Sales of houses rose 8.15 percent to 2,801 in March year over year, and were up 45.42 percent from February.
• Average selling price for houses increased 9.29 percent to $274,950 year over year, and rose 1.95 percent from February.
Median selling price went up 12.28 percent to $229,000 from March ’09, and 3.74 percent from February.
• Average days on the market for houses dropped nearly 19 percent to 86 year over year, and were down 6.5 percent from February.
• Condo sales rose 30 percent to 801 from the prior-year March, and jumped 53.15 percent from February.
• Average selling price for condos increased 4 percent to $157,830 year over year, but dipped 5 percent from February. Median selling price was up 2.4 percent to $131,579 from March of last year, and basically flat compared to February.
• Most condos sold — 47 percent — were in the $100,000-$200,000 price range. • Days on market for condos also dropped — 16 percent to 89 year over year, and nearly 18 percent from February.
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