More insight on contracts written in the first quarter of 2010 for the Charlottesville / Albemarle Housing Market:
The biggest winners in the first quarter 2010 in terms of contracts written:
1. Under $150,000. 51 sales in this price range compared to 21 in 2009 for a net gain of 30 sales; 143% increase (no huge surprise here – combination of 1st time homebuyers and investors).
2. $300,000 – $350,000 51 sales in 2010 vs. 39 in 2009 for a net gain of 13 (33% increase)
3. $350,000 – $400,000 45 sales in 2010 vs. 22 in 2009 for a net gain of 23 (105% increase)
4. $400,000 – $500,000 38 sales in 2010 vs. 14 in 2009 for a net gain of 24 (171% increase)
5. Total price range of $300,000 to $500,000 135 sales in 2010 vs. 75 in 2009 for a net gain of 60 (80% increase)
In conclusion, it is easy to see in these numbers that the first time home buyer tax credit has had a positive effect on the market. Also visible is the move up tax credit which has had a positive effect on our market (as opposed to other markets) primarily because we have new jobs being created in the greater Charlottesville area. A lot of the employees who without the move up tax credit may have decided on renting, jumped into the market to capitalize on the tax credit, the favorable pricing, and the low interest rates.
Link to Jeff Gaffney’s Blog
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