Ada County Market Report

September Housing Market Summary…are you people in Washington really going to mess this up?

Posted on October 11, 2013. Filed under: Ada County Market Report, Home Sales, Homeownership Matters, Legislative Update, Market Update |

by Marc Lebowitz, RCE, CAE

Executive Director, Ada County Association of REALTORS

Single family home sales in September 2013 were 683 in Ada County, an increase of 20% compared to September 2012.

Year-to-date sales are 6,187; up 11% over 2012 YTD sales of 5,266.  NAR data says that for every home sold, $60,000 is added to the local economy.  Based on our sales volume, we have added $371 Million to our local economy so far this year.

Dollar volume for September was up 35% to $161 million and YTD we are just over $1.4 billion in sales.

Days on market averaged 46 in September, no change from August.  Our year-to-date average is 51 days.

New homes sold in September totaled 129, the same number as sold in September 2012.

Historically, September sales decrease from August.  This year is no different as September 2013 sales decreased 18% compared to August 2013.

Of the total sales in September, 9% were distressed; down 2% from last month. In September 2012, 21% of sales were distressed.

Pending sales at the end of September were 949; down 12% from August 2013.

Of Pending sales in distress (12%), short sales outnumbered REO’s 2 to 1.

At the end of September, we had 15% fewer sales pending than at the end of September 2012. This is the second consecutive month in which we’ve seen a decline in pendings relative to the previous year. This is a key number to monitor moving forward.

Unfortunately, it does appear that the government shutdown will have a chilling effect on sales.

September median home price was $194,500; up 11% from September 2012. According to NAR’s most recent report;  national median price is $212,000.

New Homes median price for September was $268,548; up 12% from September 2012. For Existing homes the increase is 14%.

The number of houses available for sale at the end of September increased 4% from August 2013 to 2,640.  This is 22% more than last year at this time. Since January we have increased the number of single family homes for sale by 54%, allowing us to grow our YTD sales increase.

Of the total active listings, 10% are distressed, down 1% from the end of August 2013.

With inventory increasing and the percentage of distressed inventory decreasing, median home price will remain strong through the end of this year.

Of our Distressed Inventory, 73% is Short Sales (182) and 27% is REO (67).

Available inventory increased at all price points except in the +$450K range.  The price range adding the most homes to the market is $120,000 to $160,000, with an increase of 34 homes.

In Ada County we now have 3.2 months of inventory on hand, up a little from the end of August.

The price category in shortest supply is <$120K where we have 1.9 months. All price points up to $500,000 have a 4 month’s supply.

We’ve left behind the Summer of ’13 and its highest sales and median prices of the year.

The biggest problem we currently face is the uncertainty we’re all feeling as our Federal Government continues to damage us through its own inertia.  All of our forecasts for the reminder of 2013 are now in jeopardy as we enter the second week of the shutdown.

This morning, in an informal survey of 200 REALTORS® attending the IAR Convention, 25% said that they had active deals that had ground to a halt because of the shutdown. There’s no reason to think this group of 200 is any different than the other 6,000 in Idaho.

Based on year-to-date performance (if the government reopens and the debt ceiling is raised), it’s likely we will finish the year with more than 8,000 total homes sold, which would represent an 11% increase is sales year over year.

Median home prices will likely stabilize in the $195K to $200K price range for the fourth quarter.

Remember that its you that customers and clients will be asking for help understanding how the mess in Washington will impact their American Dream. There is so much bad information out there that it is overwhelming.

Check in with Realtor.org daily to keep your facts straight.

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August Market Report in Pictures…a beautiful sunset to summer

Posted on September 12, 2013. Filed under: Ada County Market Report, Home Sales, Market Update |

Sales Median price inventory Distressed Property

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August Market Report…the Perfect End of Summer Party Favor

Posted on September 11, 2013. Filed under: Ada County Market Report, Home Sales, Market Update |

By Marc Lebowitz, RCE, CAE

Executive Director, Ada County Association of REALTORS®

Single family home sales in August 2013 were 812 in Ada County, an increase of 12% compared to August 2012. Four months in a row above 800!!!  We sure haven’t seen that in a while.  Actually you have to go back to the summer of ’06.

Year-to-date sales are 5,490; up 17% over 2012 YTD sales of 4,696.  NAR data says that for every home sold, $60,000 is added to the local economy.  Based on our sales volume, we have added $329 Million to our local economy so far this year.

Dollar volume for August was up 28% to $193 million and YTD we are just over $1.2 billion in sales.

Days on market averaged 46 in August, two days more than last month.  For the first six months the average was 52 DOM.

New homes sold in August totaled 152, one more than the total new homes sold in August 2012.

Historically, August sales increase 2% over July, but August 2013 sales decreased 8% compared to July 2013.

Of the total sales in August, 11% were distressed; no change from last month. In August 2012, 21% of sales were distressed.  In August 2013 45% of distressed properties were REOs (40) and 55% were short sales (49).

In August 2012 we experienced significant improvement in the health of distressed property sales – only 21% compared to 44% in 2011.  We are now seeing distressed properties reduced by almost half again.

Pending sales at the end of August were 1,071; down 14% from July 2013.

Of Pending sales in distress (12%), short sales outnumbered REO’s 2 to 1.

At the end of August, we had 4% fewer sales pending than at the end of August 2012. This is the first time this year we’ve seen a decline in pendings relative to the previous year. This is a key number to monitor moving forward.

August median home price was $201,992; up 12% from August 2012. For the first time since 2008, the medium home price has been over $200,000 for three consecutive months. According to NAR’s most recent report;  national median price is $213,500.  We continue to outpace the national housing recovery.

New Homes median price for August was $283,004; up 26% from August 2012. For Existing homes the increase is 12%.

The number of houses available for sale at the end of August increased 4% from July 2013 to 2,456.  This is 14% more than last year at this time. Since January we have increased the number of single family homes for sale by 48%, allowing us to grow our YTD sales increase.

Of the total active listings, 12% are distressed, unchanged from July.

With inventory increasing and the percentage of distressed inventory decreasing, median home price will continue to strengthen well into the third quarter.

Of our Distressed Inventory, 73% is Short Sales (207) and 27% is REO (76).

Available inventory increased at all price points except in the <$120K range; which decreased by 14%. The price range adding the most homes to the market is $160,000 to $250,000, with an increase of 30 homes.

In Ada County we now have 2.9 months of inventory on hand, up a little from the end of July.

The price category in shortest supply is <$120K where we have 1.7 months. All price points up to $500,000 have a <4 month’s supply.

We’ve left behind the Summer of ’13 and its highest sales and median prices of the year.  The question now is, as it was to Newton (“Laws of Motion”), how far into the future the momentum will carry us.

Based on year-to-date performance, it’s likely we will finish the year with more than 8,000 total homes sold, which would represent an 11% increase is sales year over year.

Median home prices will likely stabilize in the $195K to $200K price range for the fourth quarter.

Summer vacations are over.  It’s time to get back to work protecting homeownership.

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July Market Report in Pictures…a little late but worth the wait

Posted on August 16, 2013. Filed under: Ada County Market Report, Market Update |

Distressed Property inventory Median price Sales

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Home Sales Surge in July…Median Price too.

Posted on August 12, 2013. Filed under: Ada County Market Report, Home Sales, Legislative Update, Market Update |

by Marc Lebowitz, RCE, CAE

Executive Director, Ada County association of REALTORS

Single family home sales in July 2013 were 883 in Ada County, an increase of 39% compared to July 2012. Three months in a row above 800!?!  We sure haven’t seen that in a while.  Actually you have to go back to July-August-September 2006!

Year-to-Date sales in 2013 are 4,662; up 17% over YTD 2012 sales of 3,979.  Remember that old formula that for every two homes sold, that one job is created?  Based on that, we’re looking at 2,300 new jobs so far this year.

Dollar volume for July was up 62% to $211 Mil. For 2013 YTD we are just over $1billion in sales.

Days on Market averaged 44 in July; one day less than last month.  For the first six months we averaged 53 days-on-market.

New homes sold in July totaled 165, an increase of 27% compared to new homes sold in July of 2012.  Sales of existing homes were up 42% in July.  Check out the Bloomberg report on how “Repeat Buyers Drive Home Sales”.  According to the story, resales account for 54% of national home sales. In Ada County the percentage is much higher; close to 79% of sales thus far are resales.

Historically, July sales decrease by 7% from June.  July 2013 sales increased by 9% compared to June 2013. This more than erases the dip in June compared to May.

Of our total sales in July… 11% were distressed; down 1% from July 2013. In June 2012, 24% of our sales were distressed.  In July 2013 45% of distressed properties were REOs (43 total sales) and 55% were short sales (54 total sales).

In July 2012 we were experiencing significant improvement in the health or our “solds”; 29% of total compared to 53% in 2011.  We have now seen that distressed component reduced by almost half again.

Pending sales at the end of July were 1,232; down 9% from June .

Of Pending sales in distress (12% of total pendings), short sales outnumbered REO’s nearly 2 to 1.

At the end of July, we had 5% more sales pending than at the end of July 2012.

July median home price was $207,000; up 20% from July 2012. Two months over $200,000?  First time since 2008. We continue to outpace our national recovery; according to NAR’s most recent report; national median price is $208,000.

New Homes median price for July was $266,490; up 26% from July 2012. For Existing homes the increase is 21%.

The number of houses available for sale at the end of July increased 5% from June 2013 to 2,369.  This is 9% more than last year at this time. Since January we have increased the number of single family homes for sale by 42%.  This is what is allowing us to grow our YTD sales increase.

July’s increase in active listings was driven by the addition of a mix of new (+16%) and existing homes (+11%) to the market.

Of the total active listings, 12% are distressed, down 2% from June.

With an inventory increasing and the percentage of distressed inventory decreasing; median home price will continue to strengthen well into the third quarter.

Of our Distressed Inventory 73% is Short Sales (207 homes) and 27% is REO (76 homes).

Available inventory increased at all price points except $1Mil+; which decreased by 1 home. The price range adding the most homes to the market…$200,000 to $250,000 with an increase of 81 homes.

In Ada County we now have 2.8 months of inventory on hand; an increase of 7%.

The price category in shortest supply is <$120,00 where we have 1.9 months. All price points up to $500,000 have a <4 month’s supply.

Based on June sold data, our most desirable price point is $120,000 to $160,000 which was 23% of total sales. The next largest price point sold is $160,000 to $200,000 at 20% of all sales. Coming in a strong third is $200,000 to $250,000 which was 15%. The category most improved is $400,000 to $500,000 which was up 55% from June to July (45 sales in July compared to29 in June).

The pace of this recovery is increasing, not leveling off as many forecast it would. Much of that thinking was driven by scarce inventory.  Now that inventory is growing again, there’s nothing on the horizon that predicts any slowing at all for the balance of 2013.

One thing we can do to keep real estate strong…protect the tax benefits of homeownership…

Last week President Obama put forward the administrations vision for reform of the housing finance system. In the speech, he stated his commitment to ensuring consumers retain access to the 30-year mortgage—traditionally the quickest route into the middle class—and cutting red tape so that families have access to safe, reliable mortgages.

Additionally, the President expressed support for reform of the Federal Housing Administration (FHA) and the Government Sponsored Enterprises (GSEs). He said the Administration plans to continue the phase-out of GSEs Fannie Mae andFreddie Mac, now in conservatorship. At the same time, he supports the creation of a common securitization platform to encourage investment in mortgage-backed securities. REALTORS® agree with the Administration’s view that any new system includes a government guarantee.

The President said he supports the historic affordability role of the FHA, which is critical to first-time homebuyers. While we support the goal of maintaining the FHA as an affordable option, NAR believes the FHA should preserve access for all qualified middle class families.

The Administration calls on Congress to approve refinance programs that provide more relief to troubled borrowers. NAR supports the government’s refinancing program, known as “HARP,” along with “bright line” standards that provide certainty to community banks selling loans on the secondary mortgage market.

Summer vacations are over.  Its time to get back to work protecting housing.

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Why Local Matters Most – Refuting USA Today story with the May Market Report in Pictures

Posted on June 25, 2013. Filed under: Ada County Market Report, Home Sales |

by Marc Lebowitz, RCE, CAE Executive Director

Ada County Association of REALTORS

Yesterday afternoon USA Today published a story titled “Cities with the most abandoned homes”.

Citing a RealtyTrac VP who said that they had “reviewed the 10 metropolitan areas with the highest vacancy rate among homes in foreclosure for the 101 most populous metropolitan areas”.

Number 8 on the list is “Boise City-Nampa” with 28.2% of “foreclosures vacated”; total vacated homes 361; and median home price $94,001 (15th lowest in the nation).

I can only imagine the confusion caused by such a story only a few months after Boise was profiled as “One of the Worst Places to Buy a Foreclosure” by, you guessed it…RealtyTrak.

Sales

 

 

 

 

 

 

 

 

 

 

 

 

Yesterday’s story and the one from February combine Boise and Nampa into one MSA.  That accounts for the lower median home price cited.

In fact the median home price in Ada County in May for a single family home was $195,000.

Median price

 

 

 

 

 

 

 

 

 

 

 

 

Of homes sold in Ada County in May, only 12% were either “Potential Short Sale” or “Foreclosure”. Of those only 39 were bank owned. This number is down 9% from May 2012.

A few of our members asked me to get in touch with USA Today and “straighten them out…get them to print a correction”.   Sorry Tonto…no can do.

Distressed Property

 

 

 

 

 

 

 

 

 

 

 

 

What we can do is to let our community and clients know the real data for their neighborhood by sharing our own local market data anytime you encounter one of these sensational regional or national stories.

inventory

 

 

 

 

 

 

 

 

 

 

 

 

Rather than reposting or sharing the USA Today story with some expletive in the Comments…share ACAR’s monthly market report which can be found on the 11th of every month on the ACARWatercooler blog.

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April Market Report for Ada County….Spring is nature’s way of saying, ‘Let’s party!’ Robin Williams

Posted on May 11, 2013. Filed under: Ada County Market Report, Home Sales |

by Marc Lebowitz, RCE, CAE

Ada County Executive Director

Single family home sales in April 2013 were 705 in Ada County, an increase of 7% compared to April 2012. Year-to-Date sales in 2013 are 2,109; up 3.8% over YTD 2012 sales of 2,033.

Dollar volume for April was up 26% to $155 Mil.

Days on Market averaged 55 in April. On average a home sold in nearly two week’s less time in April than in March.  For the first four months we averaged 62 days-on-market.

New homes sold in April totaled 153, an increase of 34% compared to new homes sold in April of 2012.  Sales of existing homes were up 1.5% in April; reversing the trend of the first three months in which existing sales lagged behind 2012.

Historically, April sales increase by 9% from March. April 2013 sales increased by 27% compared to March 2013. This is the strongest April over March sales increase since 2001.  Note: The second strongest is a tie between 2012 and 2004 (25%).  This could be a key indicator for the rest of this year.

Of our total sales in April… 21% were distressed (148 total sales)….up 4% from March 2013. In April 2012, 35% of our sales were distressed.  In April 2013 44% of distressed properties were REOs (65 total sales ) and 56% were short sales (83 total sales).

This is thirteen months with short sales being the larger percentage of distressed properties sold.  There were some reports in April about an increase in notice of defaults in Idaho. The only “good” news associated with that is that the number is so much smaller that it was a year ago that its not likely to have a significant effect on the overall market.

Pending sales at the end of April were 1,441; up 13% from March. In general pending sales in May are the highest of the year; and June the second highest.  Pending sales at the end of April are the highest in four years! The percentage of pending sales in distress decreased 5% from March, totaling 14% overall.  Perhaps the increase in distressed properties sold in April was a “blip” and will fall back below 20% in May.

Of Pending sales in distress, short sales outnumbered REO’s 1.4 to 1.

At the end of April, we had 21% more sales pending than at the end of April 2012.

April median home price was $187,000; up 18% from April 2012. Median home price is above $180,000 for four months running.  We continue to outpace our national recovery; according to NAR’s most recent report; national median price is $184,300, up 12% from March 2012.

New Homes median price for April was $262,415; up 35% from March 2012. For Existing homes the increase is 19%.  I know of at least one builder who recently increased base price because of soaring materials costs.

The number of houses available at the end of April increased 4.5% from March 2013 to 1,868.  This is 7% less than last year at this time. Since January we have increased the number of single family homes for sale by 12%.  This is what is allowing us to sustain our YTD sales increase.

The overall increase in active listings continues to be driven by the addition of existing homes to the market; increasing 18%. The number of New Homes available has increased only 1%. With Existing Home’s median price up 21% YTD it’s clear that more owners are getting their relationship with their mortgage “right side up” and electing to list their homes for sale.

At the same time, the percentage of distressed active listings decreased 4% to 17% overall. Last month we predicted that this indicator would be “under 20%…by the end of April”.  It’s sure fun being right about good numbers…

With an inventory increasing and the percentage of distressed inventory decreasing; median home price will continue to strengthen well into 2013.

Of our Distressed Inventory 82% is Short Sales (260 homes) and 18% is REO (57 homes).

Available inventory decreased at all prices below $200,000. Everything above $200,000 increased in April. The price range adding the most homes to the market…$200,000 – $250,000 with an increase of 40 homes.   The number of New Homes increased by 30 in the $250,000 to $300,000 price range.

In Ada County we now have three months of inventory on hand.

The price category in shortest supply is <$159,999 where we have 1.5 months. All price points up to $400,000 have a <4 month’s supply.

Based on April sold data, our most desirable price point is $160,000 to $200,000 which was 23.1% of total sales. The next largest price point sold is $120,000 to $160,000 at 22.9% of all sales. Coming in a strong third are the three price points between $200,000 – $400,000 which were 12% each. The category most improved is $250,000 – $300,000 which was up 35% from March to April.

When we look back on 2013 we’ll say that: “the Spring of 2013 was the best in seven years”.  REALTORS® have seen it coming…but your buyer clients are absolutely overwhelmed right now. They can’t keep up with your pace. They don’t understand where all the houses went. They can’t believe that a full price offer won’t get them the home of their dreams. They need you now more than ever.

We are in the final week of our 2013 Parade of New Homes…the last day is Sunday.

Kit Fitzgerald, Red Barn Real Estate, said about this year’s Parade: “We’ve had outstanding turnout for the Parade. The noticeable difference this year is that the people out touring are really looking to buy a home.  They’re qualified and ready to buy; not just looking for decorating ideas.”

Next week is NAR’s Mid-Year Legislative Meeting. Time to find out how much support for the rights of homeowners we can get our elected representatives to pledge.  I know we’re ready to make the pitch.  I hope they’re ready to listen to reason…fingers crossed.

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January Market Report – Sales Down…Prices Up…told you it was coming

Posted on February 11, 2013. Filed under: Ada County Market Report, Market Update |

by Marc Lebowitz, RCE, CAE

ACAR Executive Director

Single family home sales in January 2013 were 361 in Ada County, a decrease of 7.7% compared to January 2012…first time I’ve had to say that in a over a year.

Dollar volume for January was up 27% to $777 Mil.

New homes sold in January increased 17% over new homes sold in January of 2012.  However…sales of existing homes were down 12.6% in January.  This becomes more worrisome as inventory continues to try to find a new low number.

Historically, January sales decrease by 28% from December. January 2013 sales decreased by 28% from December 2012.

Of our total sales in January… 25% were distressed (90 total sales)….unchanged from December 2012. In January 2012, 53% of our sales were distressed.  In January 48% of distressed properties were REOs and 52% were short sales.  In December 2012 the ratio was 76% short sales (91 total sales) and 24% REOs (29 total sales).

This is ten consecutive months with short sales being the larger percentage of distressed properties sold. In January RealtyTrac rated Boise one of the five worst places to try to buy a foreclosed property.

Pending sales at the end of January were 780; down 1% from December. In general pending sales in May are the highest of the year; and June the second highest.  The percentage of pending sales in distress was unchanged from December, totaling 29% overall. There has been very little fluctuation in this number since May 2012 when we first went below 30%. A year ago we were averaging close to 50% of pendings in distress; but have decreased steadily since January 2012.  Of Pending sales in distress, short sales outnumbered REO’s 1.6 to 1.

At the end of January, we had 9% fewer sales pending than at the end of January 2012.

January median home price was $185,909; up 35% from January 2012. Median home price is above $170,000 for nine months running.  We continue to outpace our national recovery; according to NAR’s most recent report.

New Homes median price for January was $242,900; up 21% from January 2012. Existing homes median price outpaced that finishing January at $170,000; up 31% over January 2012.

The number of houses available at the end of January held steady from the end of December at 1,751. At the end of December our total active inventory was 1,750 homes; the lowest since February 2001 (when sales were 450 houses and median price was $131,000). This is 11% less than last year at this time.

At the same time, the percentage of distressed active listings held steady at 24%. This reverses the trend of the last two months in which the percentage rose from 23% to 26%. We have been hovering between 33% and 36% for the last year. We remain well below the 40% levels set last spring….when we were on the increase.

With an inventory increasing and the percentage of distressed inventory holding steady; median home price will continue to strengthen well into 2013.

Of our Distressed Inventory 88% is Short Sales (369 homes) and only 12% is REO (50 homes); unchanged from the last two months.

Available inventory declined in all price points; except for a net gain of eleven houses in the $160,000 to $200,000 price range and a gain of sixteen homes in the $250,000 to $300,000 price range.

In Ada County we now have less than 4 months of inventory on hand.

The price category in shortest supply is <$159,999 where we have 2.9 months. All price points up to $400,000 have a 4 month’s supply. We have benefited for nearly two years from inventory levels much lower than national average.

Multiple offers are much more prevalent; now becoming the norm.

Based on January sold data, our most desirable price point is $120,000 to $160,000 which was 25% of total sales. The next largest price point sold is $160,000 to $200,000 at 17% of all sales. Coming in a strong third is sales in the range of $200,000 to $250,000 at 16% of all sales.

2013 is going to be a good solid year, but nothing like what we enjoyed in 2012.  Moving forward we’re comparing “recovery” numbers against “recovery” numbers, overcoming our critical shortage of available housing and starting to see some federal policies come into being that are going to make our jobs harder still.

Stay tuned….

 

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I don’t know about you, but I’m giving thanks that the bad years are behind us…for now

Posted on December 11, 2012. Filed under: Ada County Market Report, Market Update |

by Marc Lebowitz, RCE, CAE

ACAR Executive Director

Sales in November 2012 were 562 in Ada County, an increase of 14% compared to November 2011.   Year-to-date sales are 6,468; 15% over the first eleven months of 2011.

Dollar volume for November was up 34% to $119Mil. For the year we are at $1.3Billion!

New homes sold in November increased 65% over new homes sold in November of 2011!!…and are up 67% YTD.

Historically, November sales decrease by 9% from October. November 2012 sales decreased by 11% from October 2012.

Of our total sales in November… 24% were distressed (151 total sales)….up 1% from October 2012. In November 2011, 48% of our sales were distressed.  In January 56% of distressed properties were REOs and 44% were short sales.  In November the ratio was 63% short sales (84 total sales) and 37% REOs (49 total sales).

In September 2012 our REO activity fell to 29% of distressed sales (lowest in several years).  October REO activity increased to 42% of distressed sales and then fell back to 37% in November. This ratio to short sales is what we were looking at last summer.  The difference is that overall distressed activity is lower than it was; resulting in fewer distressed transactions.

This is eight consecutive months with short sales being the larger percentage of distressed properties sold.

Pending sales at the end of November were 838; down 16% from October. In general pending sales in May are the highest of the year; and June the second highest.  The percentage of pending sales in distress increased 2% from October, totaling 29% overall. There has been very little fluctuation in this number since May 2012 when we first went below 30%. A year ago we were averaging close to 50% of pendings in distress; but have decreased steadily since January.  Of Pending sales in distress, short sales outnumbered REO’s 2.6 to 1.

At the end of November, we had 12% more sales pending than at the end of November 2011.

November median home price was $174,400; up 19% from November 2011. Median home price is up 28.5% since January of this year and above $170,000 for seven months running.  We continue to outpace our national recovery; according to NAR’s most recent report.

New Homes median price for November was $249,950; up 16% from November 2011.

The number of houses available at the end of November decreased 5% from October. At the end of November our total active inventory was 1,865 homes; the lowest since December 2001. This is 14% less than last year at this time.

At the same time, the percentage of distressed active listings increased 2% to 26%. This number has increased the last two consecutive months. We have been hovering between 33% and 36% for the last year. We remain well below the 40% levels set last spring….when we were on the increase.

With an inventory increasing and the percentage of distressed inventory holding steady; median home price will continue to strengthen.

Of our Distressed Inventory 88% is Short Sales (425 homes) and only 12% is REO (69 homes); nearly unchanged from last month.

Available inventory declined in all price points; except for a net gain of three houses in the <$120,000 price.

In Ada County we now have less than 3.1 months of inventory on hand.

The price category in shortest supply is < $159,999 where we have 2.4 months. All price points up to $400,000 have less than 4 month’s supply. We have benefited for nearly two years from inventory levels much lower than national average.

Multiple offers are much more prevalent; now becoming the norm.

Based on November sold data, our most desirable price point is $120,000 to $160,000 which was 25% of total sales. The next largest price point sold is $160,000 to $200,000 at 14% of all sales.

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