Median price for a resale home increased 1.3% in August from the month before. Since a low in January prices have moved up for 6 of the 7 months. That makes a 14.5% INCREASE since January 2011!
A12 – Ada County Existing Monthly Median Sales Price
As a further evidence of price upward movement, the discount from the last asking price to the final sales price in August was 0%. This calculation includes new construction as well as resale homes in Ada County.
A43 – Ada County Sales Price % Discount from List Price
What is causing this? Not too hard to figure out when you look at the continuing inventory shortage. The county is down to 2467 “Active Listings.” That is a record low for the last 10 years with the exception of 2005; but it is even more acute than this figure. 423 homes showing “Active” actually are “Contingent Short Sale” and already have a contract in place from a buyer. Plus another 218 homes in the inventory are “To be Built” which means they don’t exist! So there are really only about 1800 homes currently available to show prospective buyers.
A16 – Ada County Residential Inventory
For more information on the market and/or assistance in a real estate transaction contact Jere Webb.
208.861.2222
