Has the $8K tax credit influenced the market in your neck of the woods ?
My prior analysis of the Bay County, FL marketplace through the 1st quarter of 2010 did not show any significant increase in sales as a result of the $8K tax incentive. In fact, the area has lagged behind other Florida counties in overall sales volume. Since April 30 has passed, I will be taking another look at the data.
I’ m still waiting a few days for the closed data to process through the MLS system and I will post the results of my analysis on completion.
The preliminary data at this point is not showing any significant increase in total sales volume and the median sales price for Bay County on a macro level continues to correct. Another factor to consider in the analysis would be the pending properties which contracted by April 30th that have not closed.
A cursory search of our MLS system reflects some 230+ pending contracts on the detached/attached single family inventory. While many things can happen during the transition period from pending to a closed sale, the pending stats are a breath of fresh air, if only for the short term.
It will be interesting to see how the next two months play out for the pending contracts in the pipeline.
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Wendell,
It will be interesting to see how those pendings pan out. Keep us updated. I know in my area a market analyst reported on a survey done by ACRE (Alabama Center for Rea Estate), which measured the confidence levels of real estate professionals and how they felt the 2nd and 3rd quarters would be and it was not that great…I hope they are wrong.