Have home sales improved?

Local real estate agents have said that the first quarter has been great; however most will have a better feeling for 2010's outlook after next quarter.

The end of the extended homebuyer tax credit is closing in, just days are left to secure a property under contract and this is having an impact on Q1 and Q2 numbers. How big of an impact? We will have to see.

A Longmont real estate agent quoted in the Times Call, "Harsher than usual winter kept things slower than normal in January and February, which are slow months in the real estate business, but March was busy for real estate agents." I personally feel that while the tax credit may be a large driving factor for many to take advantage of buying a home, there is still a large percent of buyers who are more concerned with taking advantage of lower interest rates and current price trends, realizing that in some price ranges.....a bottom has already been hit.

Longmont saw 154 single family homes sold in this first quarter, which is only 4 fewer than this time last year. However the median price of homes sold rose to almost 5 percent quarter over quarter to $225k from its previous $215k.

While there is still an increase in foreclosure activities, many experts believe that home prices will continue to rise. I for one agree with the agent quoted that, while we will not see a large increase, say in the double digits, that we will continue to see small corrections in pricing.