Sales of existing homes in the Forsyth County area continued to improve last month, rising by 29.2 percent over March 2009.
There were 403 homes sold in the county last month, compared with 312 during the same period in 2009, according to the Winston-Salem Regional Association of Realtors, based on numbers from the Triad Multiple Listing Service.
Sales jumped by 118 homes, or 41.4 percent, in March from February, when 285 homes were sold in the county.
The average sales price for March rose slightly by 0.13 percent to $158,024, compared with $157,824 in March 2009. Month-over-month, the average sales price rose 8.2 percent last month from $146,070 in February.
George Bell, the president of the regional association, gave several reasons for the increase.
"Historically low interest rates, federal tax credits, increasing confidence in the economy and a large selection of homes have all combined to create one of the largest increases in sales volume in several years," Bell said.
"We have been saying for months that the existing-home- sales market was improving, and are very pleased with the improvements in March," he said.
Bell said he believes that the sales market for existing homes may have reached a sustainable level, saying that the next key indicator to monitor is how quickly the existing-homes inventory can be reduced.
"We hope that the market has now recovered from the slowdown experienced over the last several quarters," Bell said. "With increasing confidence in the economy, businesses should look to expand production and create jobs. That is the next piece we are looking for to help ensure continued positive growth in our home-sales market."
On a national level, existing-home sales grew by nearly 7 percent last month, the National Association of Realtors reported Thursday. And yesterday, the Commerce Department reported that sales of new homes across the nation took the biggest monthly jump in 47 years in March. They rose 27 percent in March, bouncing off February's record low. Comparable local numbers are not yet available.
Sales activity at Leonard Ryden Burr Real Estate in Winston-Salem is busier than it has been in the past three years, said Greg White, the company's president.
White said that poor weather hurt sales this past winter, keeping buyers from checking out properties.
But, he said, a lot of people are out looking at houses now because of better weather combined with the looming tax-credit deadline for first-time homebuyers.
White said that there is also interest from homeowners who want to move into bigger houses.
"It's kind of a trickle-up effect, I would call it, where you might be selling your house to someone who's using the first-time homebuyers (tax) credit, and then that enables you to turn around and buy a move-up house."
fdaniel@wsjournal.com
727-7366
The Associated Press contributed to this report.
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