Pending Home Sales up Big

Thurston County home sales during the month of March were quite robust. The month saw pending sales jump 30% compared to March 2009. The 409 pending sales last month made it the fourth best March on record.

Sales continue to be concentrated in the lower price ranges, as buyers are seeing value there. The average sales price during the month was $245,684 compared to $253,555 last year. The popular first-time home buyer tax credit, which gives up to $8,000 to first-time buyers, is no doubt helping that end of the market.

While sales in the mid to upper price ranges are starting to pick up, they are still off year ago levels. In March 2009, there were 33 sales over $350,000. This March there were only 26 sales. Buyers are starting to see more value, as sellers have begun to bring prices in line with current market realities.

April will be a telling month for all sellers as the tax credits, including the $6,500 repeat homebuyer credit, expire April 30th. As we have reported in past posts, we believe the credit has not been the primary reason that sales have picked up. That distinction belongs to price. The credits are, however, a nice bonus for buyers. We expect buyers who are actively in the market today will be eager to act on the credit before the end of the month. The sellers who work to get competitively priced will be the ones who gain the attention of those buyers.