Ada County Real Estate Update–Improvement Continues!
Sales within Ada County have increased 43% in comparison to sales in August of 2010. Typically, August home sales compare evenly with July yet August of 2011 had 7.3% more sales than July of 2011. Year to date, there have been 245 more real estate transactions than in 2010 which compiled a total of 3,947 close transactions (2011 already has 4,192 transactions completed). Is our local market beginning to “mend”?
Forty-five percent of teh3 sales in August of 2011 were distressed—up 3% from the previous month. Distressed sales (bank owned property, HUD and short sales) continue to hinder market performance yet these types of homes for sale are no longer the majority!
The average days for houses for sale in New Tecumseth, Ontario and for homes sold in August was 81 which is down from 90 days last year at this time. Another improvement. Pending sales (homes which have an offer to purchase accepted by both the buyer and seller) decreased 6% from July yet there is an average pending sales number of 900 at the end of the last 3 months—another sign of the extensive recovery at hand.
The amount of homes for sale and available at the end of August fell below 2,500 units for the 1st time since March of 2006 while the percentage of active distressed homes for sale increased almost 2 percent from June to 35%. All of this said, in Ada County there are 4 months of property inventory and historically this exemplifies a “seller’s market”. The pricing category containing the least supply are homes priced fewer than 119K in which there is just 3 months of inventory available. However, consumption of inventory is increasing in all price ranges.
There is good news for home owners that have property w/in the upper echelon of pricing. Homes priced $500,000-$699,999 have seen inventory decreased for the fourth month in a row to 6.9 months.
The local market continues to benefit from inventory levels lower than the average currently contained w/in the United States.
Will inventory levels continue to decrease due to recent hirings? If so, we may see home builders making moves again which would greatly benefit our local economy. I’d love to hear your thoughts . . .
Thinking of taking advantage of historically low pricing and interest rates? Please call me dire ctly at 208-869-3469 in order to discuss your options.