I attended my company's quarterly Denver Real Estate Market Trends meeting yesterday. I joined Your Castle Real Estate becuase of their extensive market research and statistics. Some very interesting statistics to report in regards to the recent Tax Credit and the resulting "Hangover".
No question the Tax Credit did what was intended: increase real estate purchase transactions.
3,900 Contracts in APR 2009 (no Tax Credit)
5,600 Contracts in APR 2010 (Tax Credit)
... a 44% INCREASE
Year over Year Price Appreciation from APR 2009 to APR 2010 was appoximately 16.7%!
Roll forward to JUL 2010, post the great $8,000 Tax Credit and lets see what we have:
4,500 Contracts in JUL 2009
3,400 Contracts in JUL 2010
... a 32% DECREASE year over year and a 64% Decrease since the Tax Credit expired. Ouch.
Sales Price #'s were not in for JUL. They may not be too bad becuase those closing will still have some Tax Credit transactions in them. The Tax Credit was extended for CLOSINGS to the end of September 2010.
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