Third Quarter off to an Excellent Start!

Real Estate Sales in August have really picked up at our office. It seems that buyers are getting serious about taking advantage of the $8,000 tax credit before it's too late. A first time home buyer is one that hasn't owned a home in the last three years. When they buy, then the seller's are able to move up and the market it robust. I have a high end listing that was not producing any showings, I've had 4 this week and a few last week- YES! A mid range villa that was also experiencing no showings also had two this week. More showings on listings is always a good sign.

One thing I've noticed that is still distressing is that buyers are coming in with low ball offers. There are so many distressed properties on the market they are under the false assumption that sellers are willing to take a hit, more than they already are with the current market value. It was encouraging to see the following reports this week:

Single-Family Homes and CondosSingle-family home sales increased 6.5 percent to a seasonally adjusted annual rate of 4.61 million in July from a pace of 4.33 million in June, and are 5.0 percent higher than the 4.39 million-unit level in July 2008. The median existing single-family home price was $178,300 in July, which is 14.6 percent below a year ago.Existing condominium and co-op sales jumped 12.5 percent to a seasonally adjusted annual rate of 630,000 units in July from 560,000 in June, and are 5.9 percent above the 595,000-unit level a year ago. The median existing condo price was $178,800 in July, down 18.9 percent from July 2008.By Region:

The Northeast surged 13.4 percent to an annual pace of 930,000 in July, and are 3.3 percent higher than July 2008. The median price in the Northeast was $236,700, down 15.0 percent from a year ago.

Existing-home sales in the Midwest jumped 10.9 percent in July to a level of 1.22 million and are 8.0 percent above a year ago. The median price in the Midwest was $157,200, which is 5.9 percent less than July 2008.

In the South, existing-home sales rose 7.1 percent to an annual pace of 1.95 million in July and are 5.4 percent higher than July 2008. The median price in the South was $164,500, down 7.1 percent from a year ago.

Existing-home sales in the West slipped 1.7 percent to an annual rate of 1.13 million in July, but are 1.8 percent above a year ago. The median price in the West was $202,300, which is 28.0 percent below July 2008. Source: NAR