In Ada County, there were 623 homes which changed hands in June—a decrease from June 2010 of 6%. June of 2011, in comparison to May of 2011, had 4% more homes change hands. Historically, however, May sales increase somewhere between 1% and 6%. 2011 sales are within 3% of sales in 2010 for the same time of year.
47% of the total sales in June were distressed—down six percent from May of 2011 (REO’s 31% & Short Sales 15%). Although distressed sales continue to encompass the market, they have fallen below the majority of sales for the 1st time in 2011.
The end of June had 957 homes in pending status; a decrease of five percent from May. Pending sales are typically at the highest point of the year in May.
Homes available for sale at Calgary MLS fell below 2,600 in June for the first time in the last 4 years and available inventory rivals the year 2006—the height of the real estate boom.
The percentage of active homes for sale which are distressed dropped almost 2% from June and is the 4th consecutive monthly decrease in distressed sales currently on the market.
There is currently 4 months of inventory within Ada County which historically means that we are in a “seller’s market”. The lack of inventory is mostly seen in the lower end price range (below $120,000). This particular # is the lowest seen in over a year!
June’s median home price went up $10,500 to $152,500 which is the highest median price increase seen year to date while the median of new home pricing increased 48% from June of 2010!
The local market continues to benefit from current inventory levels that are lower than the national average. Is the pendulum swinging to a buyers’ market?? Only time shall tell . . .