February Housing Report from Jim Gillespie, Coldwell Banker

Today, the National Association of Realtors released its monthly report for February on the housing market. I was really encouraged reading through it. Yes, existing home sales dropped slightly (by just .06 percent), but we have to remember what was going on during this time – snow, snow and more snow! I know that I was snowed in at my home for several days, and many people around the country found themselves inside staying warm, as opposed to outside looking at or closing on homes.

Another important consideration is that contracts are often written 30-45 days in advance of closing dates. So some of the February closings may trace back to the end of the holiday season, which is typically a slow time for our industry. The fact that the numbers remained relatively steady in spite of these two factors is positive from my perspective.

Inventory, or the number of homes available, was also higher, but this is a typical seasonal jump – many people put their homes on the market in February and March in anticipation of the spring buying season.

Looking through the report, it’s important to note that first time home buyers accounted for 42 percent of the existing home sales in February. Based on my travels and conversations with Coldwell Banker agents across the country, almost everyone is seeing more first time home buyers get off the fence and into the market. The next several weeks will be critical as we head toward the first time home buyer tax credit deadline on April 30, so we could see even stronger activity in this sector of the market.

Speaking of the tax credit, I encourage buyers not to wait until the last moment to try and go into contract to take advantage of this opportunity. Buying a home, especially for the first time, can be complex. Speaking with a real estate professional is a critical part of the process!

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Existing-home sales fell in January but are above year-ago levels, and prices are holding steady.

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2009 Year End Update

Trends in Housing, a joint publication of MRIS and Delta Associates, provides an in-depth look at the statistics and issues that shape the Mid-Atlantic housing market. Following are highlights of market activity at Year-End 2009:

• Prices are showing signs of a moderate recovery: 4^th quarter prices in the metro are up from the same quarter in 2008, with the Outer jurisdictions outperforming the Core and Inner jurisdictions. Prices will likely gain traction in 2010, as buyer and seller expectations continue to move closer to a balance, facilitating an increase in transaction volume. This is the first time prices have risen on a trailing 12-month basis since the 4^th quarter of 2007.
• Days on market continue to decline compared to both last quarter and a year ago. Properties in the Outer jurisdictions (Loudoun, Prince William and Frederick Counties) have experienced the sharpest decline, but across the region, time on market is at or below the region’s long-term average.
• The ratio of inventory to sales continues to decline in most jurisdictions from one year ago. The metro-wide ratio of 5.3 months’ worth of listings is below the normal, healthy standard of 6 months, signaling that demand is beginning to outpace supply.
• The gap between buyer and seller demands is closing with the average sales price in the 4^th quarter of 2009 at 93.7% of list price, the highest share in more than two years.

Sleepy Oaks - a new subdivision of luxury mountain retreat homes

Sleepy Oaks is a new subdivision of luxury mountain retreat homes located in Berkeley Springs, West Virginia - a quaint little town with a lot to offer - peace, tranquility and an escape from the pressures of the city. Because it is only two hours from Washington D.C., Northern Virginia and Baltimore, many metropolitan residents have chosen to settle here or spend their weekends in the area. Local attractions include luxurious spas, art galleries, shopping, fine dining, state parks, golf, rivers and lakes. Sleepy Oaks is located approximately 15 minutes from historic Berkeley Springs and less than 15 minutes from Cacapon State Park. The Park features an 18-hole Robert Trent Jones Championship golf course, horseback riding, fishing, swimming, skeet shooting, hiking trails, tennis courts, lodge and restaurant. Plans for the near future include an expanded lodge, a day spa, indoor pool and gym.

This classic mountain retreat community is being developed on a 30-acre tract of land located next to Sleepy Creek Mountain State Park. This is one of six wooded estate lots, with plenty of privacy and breathtaking views. The south branch of Sleepy Creek runs through the property. Moderate to large homes featuring logs, stone, cedar siding, plenty of windows and large decks will blend in with the natural setting of the community. A beautiful log home on Lot 1, built by Mount Tabor Builders, is under construction and available for sale.

Sleepy Oaks is located on a private cul-de-sac lane and offers underground utilities and reasonable covenants to protect your investment. Mt. Tabor Builders will work with you to build your custom dream home – or bring your own plans.