Homebuyers Tax Credit Rocks and Rolls

by Tim

in Huntsville Housing Market

Huntsville Home Sales Sept-Nov 2009

What a busy last 3 months; re-designing the website, establishing and opening a new Realty Company, and home sales in the area simply rocked, up 19%, compared with the same period last year. Just take a brief look at the 4 year sales history of single family homes in the Huntsville Metro Area below and its easy to see that the local market has strengthen off its lows of one year ago.

Huntsville Home Sales Four Year History

Huntsville Home Sales Four Year History

October was truly a remarkable month, when considering the seasonality of the Huntsville Real Estate market. To experience an October on par with an annual high in home sales of a June or July, is definitely not a normal event and has never occurred as far back as I can look at historical sales data.

So what’s up Doc? …Well the unseasonal statistics we see in the accompanying charts on this page, in my view, can be chalked up to a single program: the First Time Home Buyers Tax Credit of 2009. Yes this program is clearly effecting our local market as can be seen below in the huge growth of sales in the $150k-$250k price range while other price ranges showed a mixed performance.

Sales 9-11/08 Sales 9-11/09 %Change %Mix 08 %Mix 09
0 – 150k 294 316 7.5% 38.1% 34.4%
150k-250k 249 362 45.4% 32.3% 39.4%
250k-400k 173 203 17.3% 22.4% 22.1%
400k-up 56 38 -32.1% 7.3% 4.1%
All 772 919 19.0% 100% 100%

Moreover the tax credit party is not yet over, as it has been extended for First Time Home Buyers and Repeat Home Buyers alike for contracts signed by April 30, 2010 and closed by June 30, 2010. Thus this somewhat artificial demand stimulation will continue at least a few more months.

Makes me wish I was personally in the market, because the tax credit is honestly a very nice risk mitigation for current home buyers. So if you and your family are in the market, keep conscience of the deadlines and do attempt to capitalize on this unusual opportunity. As always if we can assist in anyway don’t hesitate to email or give us a call 256-425-1659.

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The data relating to Huntsville AL Real Estate on this Web site derive in part from the Valley MLS IDX datashare program. © 2016 Valley MLS, Inc. All information provided is deemed reliable but is not guaranteed and should be independently verified.

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