The pilot and his son departed on an IFR flight plan 38 days after obtaining his instrument rating, in a recently purchased airplane. The pilot completed a localizer approach to runway 24. Ground witnesses stated that the airplane was high on final, with the majority of the witnesses reporting that the aircraft was 500 feet at the approach end of the runway. The pilot requested a circle to land, which was approved by the tower. Witnesses stated that the airplane overflew the 3121 foot runway at about 100 to 200 feet AGL, and, at the departure end, applied full power. The witnesses reported that at about 500 feet past the runway end, the pilot started a left turn with a bank angle estimated at about 30 to 45 degrees, then leveled out. The aircraft then entered a steep left turn of about 80 degrees of bank while descending. During the final turn, the witnesses saw the landing gear retracting. Post crash examination revealed that the wing flaps were in transit at the time of impact.