SPRINGFIELD (May 27, 2009). The median single-family home sale price increased while unit home sales decreased in the Capital Area during April 2009, according to the Capital Area Association of REALTORS® (CAAR) Multiple Information Service.

For the month of April 2009, the median home sale price (for all single-family homes and condominiums) was $105,000, reflecting an increase of 8.9 percent over the $96,400 April 2008 price. The median sale price for year-to-date through April 2009 was $105,000, reflecting an increase of 7.7 percent from the same time during the prior year. The median is a typical market price where half the homes sold for more, half sold for less.

According to CAAR, April 2009 yielded 287 total home sales nearly unchanged from the 288 home sales during March 2009. However, April 2009 sales were off 11.4 percent from the 324 sales in April of 2008. For the year-to-date through April 2009 there were 994 home sales, reflecting a 5.9 percent decrease from the same time during the prior year.

“Not only was the April median sale price of $105,000 a record for April but it marks the third successive month in which the median sale price posted a record high for that month. This trend information relative to pricing is very encouraging,” said Nancy Long, ABR, CRS, GRI, president of the Capital Area Association of REALTORS.

“Many first-time homebuyers who were fortunate enough to be able to scrape together a downpayment took advantage of the federal government’s $8,000 tax credit. For those that have had trouble managing a downpayment good news is on the

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horizon,” said Long. While attending the May 12th real estate summit in Washington D.C. Long said she was pleased to hear HUD Secretary Shaun Donnovan announce that, in the near future, HUD would allow the tax credit to be monetized, thus enabling it to be used for the downpayment. Secretary Donovan indicated that details would be released soon.

As of April 30, 2009 there were 1,677 homes for sale in the Capital Area reflecting a decrease of 12.6 percent from April of 2008. As of May 24th inventory had fallen further to 1,631 homes for sale reflecting a 5.7 month supply of inventory.

The typical home sold in April 2009 took less than four months to sell. Specifically, the average cumulative days on market in April of 2009 was 110 days thus shaving eight days off the 118 days it took to sell a home in April 2008. Additionally, the 110 days that it took to sell a home in April shaved off nearly a month from the 136 days it took to sell a home in March 2009. “The amount of time that a home spends on the market before it sells continues to head in a positive direction,” said Long.

The Federal Home Loan Mortgage Corp. reported that the national average commitment rate for 30-year, conventional, fixed-rate mortgages was 4.81 percent in April 2009, down more than a full percentage point from the 5.92 average rate during April of 2008.

“It is a buyer’s market for sure. Buyers have everything going for them: 50-year low mortgage rates, wide inventory selection, tax credit for first-time buyers, and very affordable housing stock. Buyers who have been holding off thinking that conditions will get better should think again. Market indicators continue to work their way back toward a more balanced market and it is just a matter of time before mortgage rates begin to head back up,” said Long.

The Capital Area Association of REALTORS® is the Voice for Real Estate in the Capital Area representing more than 700 members involved in all aspects of the real estate industry. The Capital Area’s Resource for Real Estate Information can be found at www.SeeHouses.com.

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