From the Press Briefing by Press Secretary Robert Gibbs:

Q: A lot of folks have been talking about the first-time homebuyers tax credit sort of propping up the housing market. Is that one of these new measures that he might be considering?

MR. GIBBS: Look, obviously, there was — that was something that was done originally. I don’t — while I have not see, obviously, a final list, that is — I think bringing that back is not on — is not as high on the list as many other things are.

Click here for the Press Briefing.

File Under: Huh?

Inventory and Days on Market:

The inventory of single-family homes as of July 31, 2010 increased 10.0 percent from July 2009 (28,740 listings in 2009 to 31,685 listings in 2010) which translates into 9.9 months of supply in July 2010. This is up from 6.4 months of supply last year and up from 6.1 months in June 2010. This was the fifth straight month of inventory gains and the first double-digit increase since November 2006. There were also more homes for sale this past July than any month since October 2008.

The inventory of condominiums on the market in July was up 2.0 percent compared to the year before (11,724 listings in 2009 to 11,944 listings in 2010), which translates into 9.8 months of supply, which is up from 6.4 months in July 2009 and up from 5.8 months this past June.

Detached single-family homes stayed on the market an average of 110 days in July 2010 compared to an average of 146 days in July 2009. This is the 12th straight month of days on market declines compared to the year before. Condos stayed on the market an average of 126 days, down from an average of 179 days in July 2009. This is also the 11th straight month of days on market declines compared. On a month-to-month basis, days on market for single-family homes were up from 107 days and condos were up from 114 days in June

Source: MAR

If you’ve been reading this blog for any length of time, you’d know that I don’t feel that one months data (July) provides you with an accurate picture of the Boston condo market.

Boston condo sales data for the last three months (May, June & July) comparing 2010 with 2009:

Boston condo sales for last three months 2010
Number of Boston condo sales – 1,483
Avg Boston condo sales price – $459,983
Med Boston condo sales price – $455,500
Days-on-market – 86

Boston condo sales May-July 2009
Number of Boston condo sales – 1,413
Avg Boston condo sales price – $446,836
Med Boston condo sales price – $449,950
Days-on-market – 103

Mary this is for you:

July 2010 Boston Condo Sales
Number of Boston condo sales – 415
Avg Boston condo sales price – $494,424.00
Med Boston condo sales price – $372,000.00
Days-on-market – 90

July 2009 Boston Condo Sales
Number of Boston condo sales – 564
Avg Boston condo sales price – $424,896.00
Med Boston condo sales price – $360,000.00
Days-on-market – 98

Looking to buy a Boston condo? Your mortgage company may require that you write a “motivational letter.” WTF?

Excerpts from The New York Times on motivational letters:

When Linda Falcão applied for a mortgage from Wells Fargo, she didn’t realize she would be required to write the type of essay that’s more commonly included with a college application.

So she and her husband, Kemuel Ronis, were taken by surprise when Wells Fargo asked the couple, both 50, to pen a “motivational letter”…

You might find the link to the NY Times interesting:

You asked us to write you about our increase/decrease in family size. Well, my husband and I are 49 and practice rigorous birth control (thanks for asking!), but if I turn up pregnant, after I call my dead parents and the Easter bunny, you, Wells Fargo, will be next on my list to notify about the miracle baby!!

Read more on motivational letters.

The real estate quote of the day is from the Housing and Urban Development Secretary Shaun Donavan:

“It’s too early to say whether the tax credit will be revived,” Donovan said in an interview on CNN’s “State of the Union” program. He said the administration would “do everything we can” to stabilize the shaky U.S. housing market.

File Under: Keynesian Economics will solve all our problems.

According to LINK data Back Bay condo sales and prices continue to increase:

Back Bay condo sales from 1/1/09 – 7/31/09

Number of Back Bay condo sales – 189
Avg Back Bay condo sales price – $980,702
Median Back Bay condo sales price – $650,000
Avg. Back Bay condo price per sq ft – $748.00
Avg. days-on-market for a Back Bay condo – 113

Back Bay condo sales from 1/1/10 – 7/31/10

Number of Back Bay condo sales – 284
Avg Back Bay condo sales price – $1,205,782
Median Back Bay condo sales price – $757,500
Avg. Back Bay condo price per sq ft – $798.00
Avg. days-on-market for a Back Bay condo – 128

On August 26, 2010 The Clarendon Back Bay recorded their 34th 35th closing. The purchase price was $1,050,000 and included one deeded garage parking space.

This was a 22nd-floor, one-bedroom plus, two-bathroom, 1,134 square foot condo, approximately $925.93 per square foot.

The building is now approximately 33 percent occupied.