After two-and-a-half years of decline, the number of homes sold by members of the Madison County Board of Realtors rose in the third quarter of 2009.
Agents affiliated with the board sold 296 homes from July 1 to Sept. 30, up 13.4 percent from the same quarter in 2008, when 261 sold.
Compared to the second quarter of this year, when 255 homes were sold, the increase was 16 percent.
The 939 homes on the market in the most recent quarter numbered 70 fewer than the year before, a decline of nearly 7 percent.
Prices also showed signs of rebounding in the third quarter, even if not matching the past year’s level. The average price of homes sold — $146,494 — was up more than 10.7 percent from the previous quarter, when the average was $132,297. However, the past quarter’s average price was still down 6.2 percent from a year before, when the average was $156,255.
While median priced homes continued to be the best sellers locally in the third quarter, both the lower and upper price ranges saw improvements from July 1 and Sept. 30, according to Wayne Beazley, MCBR executive officer.
The average time a home was on the market in the third quarter — 152 days — was identical to 2009. That was 11 days fewer than in the second quarter of 2009, a 6.75 percent improvement.
The better sales numbers were spurred in part by the $8,000 federal tax credit for buyers who have not owned a home in three years, said Erin Ackerman, president-elect of MCBR.
To qualify, a single individual’s annual income must be $75,000 or less. For a couple, the limit is $150,000.
“The tax credit is set to expire Nov. 30,” Ackerman said, “so anyone who wants to take advantage of it must have closed on their purchase by then.”
There has been some confusion about the program, often referred to as the “first-time home-buyer’s tax credit,” she said.
“To qualify, the home buyer must have not owned a home in the past three years,” Ackerman said. “We’re hoping the program will be extended or renewed, but right now it’s set to expire Nov. 30.”
Even for buyers who do not qualify for the tax credit, the local market contains many good homes at attractive prices, she said.
“Prices dipped some in Madison County,” Ackerman said, “but they did not drop as they did in many places across the country, or even in Kentucky. However, we still have a large inventory of high quality homes on the market at good prices.”
Interest rates also remain favorable, she said.
While lending standards tightened in the wake of troubles in the national financial markets, Ackerman said, “Local lenders are still writing mortgage loans at historically low rates for home buyers with good credit scores.”
Bill Robinson can be reached at brobinson@richmondregister.com or at 624-6622.
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Home sales, prices rebound in 3rd quarter
- Local News
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Friday at library : Lecturer to portray founder of Berea
John G. Fee, abolitionist and founder of both Berea and Berea College, will be portrayed Friday night by performer Obadiah Ewing-Roush as part of Kentucky Humanities Council Chautauqua performance series at the Madison County Public Library. There is no charge to attend the 7 p.m. event.
As the son of a slave-holding father, Fee witnessed firsthand the benefits of having slaves and the profits that could be made from their labor. When he graduated from college and enrolled in Lane Theological Seminary, he began to understand the inherent wrong and destructiveness of slavery. -
Berea woman dies Tuesday in Laurel County crash
A Berea woman, Tommie Johnson, 60, died Tuesday evening in a Laurel County crash, according to the the Laurel Sheriff’s Office.
The accident took place about 7 p.m. at the junction of Maple Grove Road and KY 363 south of London, as Johnson was attempting to turn onto the state highway.
Laurel County Chief Deputy Eddy Sizemore said Johnson’s Chevrolet Cavalier pulled out in front of a Dodge Durango driven by Charles Joseph, 19, that was traveling south on KY 363.
After being extricated from her vehicle, Johnson was transported to St. Joseph-London hospital, where she was pronounced dead.
Joseph also was transported to the hospital, where he was treated for minor injuries, according to the accident report. -
Finally February
Ian Rosser, an Eastern Kentucky University student from Lexington, clears snow from his car parked on campus Wednesday
morning after about an inch of snow fell in Richmond. Temperatures are forcast to be in the upper 40s today. Kentucky has seen a lot of rain in the past few months, as was predicted by the Farmer's Almanac, but very little snow has fallen. -
Volunteers needed for equine therapy
The Appalachian Foothills Therapeutic Equestrian Center will be hosting two, one-day volunteer training workshops for those interested in helping others with special needs.
The volunteer orientation days will be Friday and Saturday from 10 a.m. to 3 p.m., but only one day of training is required, according to Mark Martin who co-owns Appalachian Foothills Therapeutic Equestrian Center (AFTEC) with his wife Cheryl.
The all-volunteer organization, which is based in Jackson County, uses horses to help humans deal with physical and emotional challenges. -
Man accused of holding samurai sword to girlfriend’s throat
A Madison grand jury will hear the case of a man accused of threatening to cut his girlfriend’s head off, and attacking her father with a samurai sword.
Russell M. Masters, 42, of Richmond, is charged with two counts of first-degree wanton endangerment, which is a Class D felony, and fourth-degree assault (domestic violence with minor injury) and resisting arrest, which both are Class A misdemeanors. Masters could receive one to five years in prison on each wanton endangerment charge, and the misdemeanors both carry a maximum sentence of one year in jail.
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Friday at library : Lecturer to portray founder of Berea
- Sports
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Madison Southern senior Jordan Renner brings the ball up the court Thursday in Berea.
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H.S. HOOPS: Renner helps Lady Eagles rally past Western Hills
Just when it looked like a Senior Night victory was slipping away, the Lady Eagles regrouped.
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H.S. HOOPS: Model falls at Garrard County
The Lady Patriots couldn’t make enough shots and they just weren’t able to overcome Garrard County’s superior size.
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H.S. HOOPS: Central set to meet Berea in district opener
For the fifth straight year, the pairings for the opening round of the 44th District Basketball Tournaments will be exactly the same.
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H.S. HOOPS: Renner helps Lady Eagles rally past Western Hills
- Lifestyles & Community
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Is MSG (monosodium glutamate) harmful?
Monsodium gluatamate (MSG) is a flavor enhancer often added to Chinese food, soups, processed meats and canned vegetables. The use of MSG remains controversial despite a Food and Drug Administration (FDA) statement that it is safe. Because of this, the FDA requires that whenever MSG is added, that it be listed on the label.
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- It’s a love thing
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- Viewpoints
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Education a focus in Senate this week
FRANKFORT — The Senate passed several bills this week. Of these bills, three education bills are of particular importance.
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- In defense of southern-fried Paula Deen
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