February 26, 2010 Real Estate Market Report
I. Market Report-All Residential.
A. Week-to-Week Under Contract. For the week ending February 26, 2010, 47 residential listings were placed under contract by Columbia area agents. Of these, 35 have Columbia mailing addresses. This compares to 45/40 respectively for the prior week, which is an increase of 4% overall, but a decrease of 12.5% for Columbia addresses. This means that in the past 2 weeks, 92 families agreed to buy homes.
B. Month-over-Month Sold Units 2010 vs. 2009. In February of 2010, data reported to the Columbia Multiple Listing Service showed 91 listings sold and closed. In February of 2009, there were 107, which is a decrease of 15% or 16 fewer homes sold.
C. Past 12 Months Sold Units through February 2010 vs. 2009. For the 12 month period ending February 28, 2010, there were 2,113 homes sold and closed. For the same period ending February 28, 2009, there were 2038. This is an increase of 3.7% or 75 homes sold.
D. Absorption Rate. Today, there are 1353 residential listings on the market. This includes single family, condominiums/zero lot lines, manufactured and modular homes, but does not include any multi-family units such as duplexes or apartment buildings where there is only one title for all units in the building(s).
By dividing the inventory by the average number of homes sold and closed in the past 12 months, (we get the absorption rate (1353/176 = 7.7 months). This means that at the current rate of sales and if no other homes were added to the market and if all homes were to sell, it would take 7.7 months to sell them all. If you check past issues of Real Estate This Week posted under Real Estate Blog on www.DaveandCarolyn.com you will see that I reported 7.2 month last month, so this guide says it will take 15 days longer to sell your house in today's market.
Stay tuned for updates and window-shop frequently at www.DaveandCarolyn.com.
II. The Internal Revenue Service has clarified which documentation taxpayers need to submit to claim the first-time and move-up homebuyer tax credit.
While the IRS is still requiring the filing of Form 5405, it is not demanding that all parties' signatures be on the HUD-1 settlement document in areas where requiring both the buyer and the seller to sign the document isn't common.
The IRS clarification says: "In areas where signatures are not required on the settlement document, the IRS has clarified that it will accept a settlement statement if it is completed and valid according to local law. ... The IRS encourages those buyers to sign the settlement statement prior to attaching it to the tax return."
For repeat buyers, the IRS is seeking documentation that home buyers have lived in the previous property for a consecutive five of the past eight years. Proof can include property tax records, home owner insurance records, or mortgage interest statements.
Source: Washington Post (02/20/2010)
Editorial comment: There are now 60 days remaining to take advantage of this once-in-a-lifetime opportunity to get a check for either $8,000 or $6,500 just for putting a roof over the family's head. Even if you can't take advantage of it, make sure your kids and grandkids know this! (It is amazing how many people haven't yet heard of it). This may be their only chance to get into a home of their own. dhd 3-1-10.
III. Century 21 Heartland Region Awards Banquet
Century 21 Advantage, Columbia, Missouri received the following awards:
1. CENTURION Office: recognizes Century21 offices that earn $1,749,000 in Adjusted Gross commission or 400 units within a calendar year.
2. First Runner Up Company--Closed Units , when compared with all the other Century21 companies in the St. Louis Broker Council. A company may have multiple offices. Our company has only one office, yet we exceeded all other companies, except one, based on number of transactions.
3. First Runner-Up Company--Sales (See remark above), based on dollar volume of units sold.
4. Top Office--Closed Units. We exceeded all other Century 21 offices in the St. Louis Broker Council in the total number of units sold, when compared with all other single offices.
5. Top Office--Sales (Likewise for dollar volume of units sold).
Dave and Carolyn Denton were presented the following awards:
1. Masters Ruby Award. This is a corporate award requiring between $110,000 and $142,999 in Adjusted Gross Commissions or between 30 and 39 units sold.
2. Quality Service Producer Award. There are 4 requirements that have to be met to receive this award:
a) Required percentage of all transactions successfully sent a Quality Service Survey is 50% (measured between January 1, 2009 and October 31, 2009.
b) Minimum 30% Quality Service Survey return rate (measured between January 1, 2009 and December 31, 2009).
c) 85% overall Customer Satisfaction Index (measured between January 1, 2009 and December 31, 2009)
d) Minimum of 7 returned Customer Satisfaction Surveys.
Other Century 21 Advantage Agents Receiving Awards:
1. Steve Fleisher, Re-Lo Mo.com, Top Team Sales, First Runner Up, Closed Units.
2. Justin Morris, Masters Ruby
3. Kim Schwartz, Masters Ruby
4. Harold Girard, Silver Award of Excellence
5. Mariah Carmichael, Million Dollar Award and Quality Service Award.
6. Ryan Cunningham, Million Dollar Award
7. Rene Sotalar, Million Dollar Award
8. Roberto Quiros, Million Dollar Award
9. Marty Power, Million Dollar Award
10. Jonathan Hargis, Million Dollar Award
11. Jennifer Hyde, Million Dollar Award
12. David Ursery, Million Dollar Award
13. Dana Hinerman, Million Dollar Award
14. Angie Enochs, Million Dollar Award
