One of the requirements of the First Time Home Buyer Tax Credit incentive mandated properties had to be under contract by April 30, 2010 in order to qualify.  What has happened to home sales since this incentive to purchase expired?

A recent Article from the Massachusetts Association of Realtors dated August 24, 2010, indicates that homes sales are down for the first time in a year as median prices increase.  Is that true for single family homes and condos in Easton, MA.?

We compared the statistical data of single family home sales in Easton, MA.  for the months May, June, July and August 2009 and 2010.  Only 1 month out of the 4 from 2009 to 2010, have the numbers decreased. What is significant is the increase in average home sale prices in 2010.

The average sale price has increased slightly as well for condo sales in Easton, MA. even though the number of condo sales as dropped  in all 4 months of 2010.      

So, what does all that really mean?  Does it mean that a $300,000 home in 2009 is now a $320,000 home in 2010?  We do not think that is the case.  As a result of first time homes being sold, it has allowed the sellers of those homes to purchase higher priced homes. For single family homes in Easton, MA, the number of homes priced over $500,000 increased significantly from 2009 to 2010.  In 2009 there were only 4 homes sold over $500,000. In the same time period in 2010, there were 22 single family homes sold over $500,000.  It is the increase in this higher price bucket that is skewing the data to indicate that home prices are increasing.

GoodwinRealtyGroup.com