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Third Quarter 2010 Real Estate Report for Watters Crossing

Fall is my favorite season for several reasons, not the least of which it marks the end of the blast-furnace that passes for summer in these parts. The cooler weather is energizing and the fact that my lawn-mowing duties are over for the year gives a further lift to my spirits. Speaking of a lift to the spirits, Terri and I recently returned from a trip to New England and Nova Scotia–if you haven’t experienced the fall colors in that part of the world, you should make plans to do so; it’s breathtakingly beautiful.

On the local front, home prices are up in Watters Crossing through the first three quarters of the year, and the DOM (Days On the Market) is significantly less that the like time periods in 2008 and 2009. But with only 22 sales through the first three quarters,

2007

1st Qtr              2nd Qtr               3rd Qtr               4th Qtr               Totals

7  Sales            12 Sales               8 Sales              8 Sales            35 Sales

49 DOM            43 DOM              75 DOM            73 DOM             58 DOM*

$93.91 ASF    $94.21 ASF       $89.75 ASF     $88.47 ASF       $88.03 ASF*

2008

8  Sales              15 Sales               11 Sales             4 Sales            38 Sales

148 DOM          117 DOM            91 DOM             81 DOM           112 DOM*

$86.77 ASF      $85.53 ASF      $93.54 ASF     $88.65 ASF      $90.24 ASF*

2009

3 Sales              10 Sales             17 Sales               3 Sales               33 Sales
265 DOM              82 DOM              55 DOM            49 DOM               82 DOM*
$88.77 ASF       $85.53 ASF     $93.54 ASF       $88.65 ASF         $90.24 ASF

2010

5 Sales              10 Sales               7 Sales
31 DOM              47 DOM             31 DOM
$95.26 ASF      $94.64 ASF     $91.23 ASF

(*weighted average for yearly totals)

the total number of homes sold year-to-date- in Watters Crossing is at it’s lowest level since 1996, when Phase III of the neighborhood was still under construction. The end of the home buyer tax credit incentive in May of this year, coupled with the continued high level of unemployment are the main suspects for keeping sales below normal. While I don’t expect to see any more home buyer tax credits in the future, we should see sales increase as the economy improves and unemployment numbers fall. This neighborhood has been fortunate to have had very few foreclosures or short-sales. In many areas, these distressed property sales are making up over 40% of all transactions, with the expected negative effect on prices. Interest rates are still very low, the reputation for the City of Allen and the Allen I. S. D. is excellent, and Watters Crossing remains a very desirable neighborhood. As the economy improves, I expect to see our sales numbers improve as well.