Single family sales are up, pending sales are up, inventory is down. Things are looking better for Natick home sellers.

Total number of closed single family home sales, November 2009: 15
Total number of sales for November 2008: 13

Average Days on Market during November 2009: 123
Average Days on Market during November 2008: 98

Median sales price, single family home, November 2009: $430,500
Median sales price, single family home, November 2008: $420,500

Total number of single family sales, year to date: 241 (a 9% increase)
Total number of single family sales, Jan. - Nov. 2008: 220

Median single family sales price year to date: $419,500
Median single family sales price Jan. - Nov. 2008: $420,000

Single family homes that went under contract, Nov. 2009: 17 - median price $529,900
Single family homes that went under contract, Nov. 2008: 10 - median price $369,000

Single family homes currently listed for sale in Natick: 75
Single family homes listed for sale on December 3, 2008: 87

The House of Representatives passed legislation yesterday to extend and expand the current first-time homebuyer tax credit.  The House action follows the Senate's approval on Wednesday and it is anticipated that President Obama is set to sign the bill today. The bill, part of the $24 billion econcomic stimulus bill, extends the current $8,000 first time homebuyer tax credit (which was due to expire at the end of November) through April, 2010.  It also includes a tax credit of up to $6,500 for qualified move up buyers and increases the borrower income limits for both credits to $125,000 for individuals and $225,000 for couples. 

Homebuyers will qualify for the full credit as long as they have entered a binding contract by April 30, 2010 and they close the transaction by June 30, 2009.  The tax credit is limited to homes with a purchase price of $800,000 and below.  The bill also includes anti-fraud language that gives the IRS the authority to do greater oversight during the processing of the return.

In addition, the legislation waives the recapture provision for members of the armed forces who are called on extended duty.  These members of our military and uniformed services, who are out of the country for at least 90 days, will also be eligible to use the tax credit upon their return through April 30, 2011.

The following is excerpted from CHANGES TO MASSACHUSETTS SMOKE DETECTOR LAW: UNDERSTANDING THE STATE'S NEW REGULATIONS by Jeffrey C. Turk, Esq., Marcus, Errico, Emmer & Brooks, P.C.

Effective January 1, 2010, a new regulation relating to the installation and maintenance of certain smoke detectors takes effect. This article is intended to provide basic guidance to ensure that residential property owners, property managers, and real estate brokers understand and comply with the new Massachusetts law concerning smoke detectors which goes into effect next year. While the new law may not impose these new requirements on a specific property, it is imperative that owners ensure that their properties comply with these laws, both from a public safety and liability viewpoint. To avoid problems and determine the precise requirements for your properties, members are encouraged to consult with legal counsel.

SMOKE DETECTOR TECHNOLOGY

Currently, there are two primary detection methods used in modern smoke detectors: ionization and photoelectric.  Ionization detectors typically have a constant current running between two electrodes.  When smoke enters, it interrupts the current, setting off an alarm.  Ionization detectors are often faster to alert than photoelectric detectors.  However, ionization detectors are unable to differentiate between smoke and steam.  As a result, they are prone to false alarms when steam from a shower or other source interrupts the current.  This is especially true when the ionization detector is placed in close proximity to a kitchen or bathroom. 

Photoelectric detectors emit a beam of light. In the absence of smoke, the beam passes in front of the detector in a straight line. When smoke crosses the path of the light beam, some light is scattered by the smoke particles, directing it at a sensor and triggering an alarm.  Photoelectric detectors are less sensitive to false alarms from steam or cooking fumes but can take longer than ionization detectors to alert.

There has been an ongoing debate as to whether to require property owners to replace their ionization detectors with photoelectric detectors.  On one hand, property owners have raised concerns about the cost of replacing smoke detectors which continue to be operable.  On the other hand, the fire departments have suggested that the elimination of false alarms outweighs the additional costs.  The new regulations were enacted to resolve this ongoing debate.

NEW REGULATIONS

In recognition of the relative strengths and weaknesses of photoelectric versus ionization smoke detectors, the Board of Fire Prevention Regulation has passed a new regulation (527 CMR 32.00 et seq).  Under the new regulation, owners of certain residential buildings will be required to install and maintain both ionization and photoelectric smoke detectors.  While the new regulation does not change the locations where smoke detectors are required, it does allow the installation of both technologies in certain locations. 

Under the new regulation, a smoke detector utilizing both technologies is required in all the same locations, except within 20 feet of a kitchen or a bathroom containing a bathtub or shower.  Within 20 feet of a kitchen or bathroom containing a bathtub or shower, only a photoelectric smoke detector is allowed.  An ionization detector is prohibited in these places due to their tendency to be set off by steam.

All property owners should determine what type of smoke detectors they are currently using.  Subsequently compliance can be achieved by installing two separate detectors using these technologies, or by installing one detector which uses both technologies.

WHAT PROPERTIES ARE AFFECTED BY THE NEW REGULATION?

Determining whether a specific property is affected by the new regulation requires a case-by-case analysis and, therefore, property owners are encouraged to consult with legal counsel (or just call your local Fire Department since they will inspect the building and issue the Certificate of Compliance) to determine the specific requirements for their property.  That being said, the following types of properties are impacted by the new regulation:

  • Residential buildings under 70 feet tall and containing less than six dwelling units. 
  • Residential buildings not substantially altered since January 1, 1975, and containing less than 6 residential units. 
  • All residential buildings sold or transferred after January 1, 2010, which are less then 70 feet tall, have less than six units, or have not been substantially altered since January 1, 1975.

There is some good news in here for Natick home sellers:

Total number of closed single family home sales, October 2009: 23
Total number of sales for October 2008: 20

Average Days on Market during October 2009: 78
Average Days on Market during October 2008: 124

Median sales price, single family home, October 2009: $445,500
Median sales price, single family home, October 2008: $331,500

Total number of single family sales, year to date: 223
Total number of single family sales, Jan. - Oct. 2008: 207

Median single family sales price year to date: $419,500
Median single family sales price Jan. - Oct. 2008: $420,000

Single family homes that went under contract, Oct. 2009: 28
Single family homes that went under contract, Oct. 2008: 21

Single family homes currently listed for sale in Natick: 84
Single family homes listed for sale on November 3, 2008: 98

All of the above information comes from the MLS Property Information Network and was compiled by Jon Treon, CRS, GRI. This represents only homes that were listed and sold by participants in the MLS.