Manchester Vermont Real Estate Blog

Over the next month there will probably be a lot of buzz in the media about the homebuyer tax credit. The original credit of 8% for first time home buyers expired on November 30^th, 2009. Although I don’t have any statistics at my finger tips, the original credit seemed to give a needed boost to the 4^th quarter. The credit was extended and broadened to also include some existing home owners. The new expiration date is April 30^th. A buyer will need to have an executed Purchase and Sale contract by this date with a closing date no later than June 30^th to qualify. Let’s hope this enticement brings some additional activity to a historically slow month in the local market.

On to the weekly recap:

New Listings – 10 new properties came on the market last week ranging in price from $69,900 to $2.35 million.

Price Reductions – 16 properties were reduced in price with an average price reduction of 7.9%.

Under Contract – 5 properties went under contract last week, 2 are priced under $100,000, 2 are in the $200,000 - $300,000 price range, and 1 is in the $300,000 - $400,000 price range.

Sold – 3 properties closed last week: one at $140,000 which was 83% of asking price, one at $300,000 which was 94% of asking price, and one at $900,000 which was 95% of asking price.

The first quarter comes to a close on Wednesday. Check back with me at the end of the week by which time I hope to have an analysis of the market’s performance so far this year.