August Market Stats

Ada County Sales up, Inventory down.

There are about 1000 less homes in the market share of active/pendings/solds than 2008 and 1500 less than 2007. This is an indicator of thinning of inventory, which also means that we’re nearing a bottom; heading toward a healthy real estate market of reasonable buyer/seller terms. Buyers and Sellers are letting go of fears of ‘not getting the good deal’ and exchanging property for a fair rate.

Statistical analysis by a local BDO at Group One says
“The market continues to show an increase in activity as new sales (pendings) of homes in Ada County were 59% higher this August than in August of 2008. Closings were up 11% while inventories have shrunk to 75% of last year’s level. The absorption rate, based on the last 12 months of closings, is at 8.9 months, the lowest in over two years.”

“Pendings in Canyon County were 61% higher than the same month last year,while inventory is 74% of last year’s level. The absorption rate is at 10.6 months.”

“90% of year-to-date closings in Ada and Canyon Counties were below $300,000. The median price this year in Ada County is $178,000 and in Canyon County is $119,000.”

“35% of all closings this year in Ada County were listed as financially
distressed properties compared to 59% in Canyon County.”