Lingering effect of federal tax credit expiration impacting amount of pending sales. There were 3,095 pending sales in December 2010, 3.4% less than the 3,203 contracts signed in December 2009. However, pending sales in December 2010 were 10.3% higher than in the same period two years ago just after the credit crunch began. The added incentive to purchase before the expiration of the tax credit in April encouraged many buyers to purchase earlier in the year, thus elevating the figures and in turn lowering sales activity in the latter half of 2010.
Silvana Dias is a licensed realtor in washington dc, maryland and virginia.