According to Dr. Lawrence Yun, Chief Economist for the National Association of Realtors® (NAR), 2010 will show a national increase in home sales of 15%. Dr. Yun released his data at the recently held 2009 NAR Conference & Expo in San Diego.
For Northern Colorado, the “IRES Economic & Market Watch Report, 3rd Quarter 2009″ projects that home prices and home sales will remain stable moving from the 3rd quarter to the 4th quarter of 2009. Larimer County, home to Fort Collins and Loveland, had an average home sale price of $260,500 in the third quarter, with a total of 1,158 homes sold. In Weld County, home to the Greeley metro area, the average price of homes sold was $189,100, with a total of 866 homes sold.
The projected increase in 2010 home sales is in large part credited to the extension of the home buyer tax credit that was recently extended for home sales through August 30, 2010. Keller Williams released a special edition video that details the plan for first-time home buyers as well as existing home owners moving up in the market. You can watch the detailed video at: http://www.youtube.com/watch?v=IMzTpn3FvA8
Source: Realtor Magazine, “Yun: 2010 Sales to Rise 15 Percent,” by Robert Freedman, 11/13/2009 http://www.realtor.org/RMODaily.nsf/pages/News2009111301;
Source: IRES “Economic and Market Watch Report, 3rd Quarter 2009”