The median price of a resale home in Ada County was $138,200 in November. This is up 9% from the low of $126,500 in January 2011. Even more significant than a single month is the gain being posted using a “6 month rolling median”. Using this measurement, June 2011 was the low point and there have been solid gains since then. Check out this chart!
A15 – Ada County EXISTING Last 6 Months MEDIAN Sales Price
Canyon County is showing a gaudy 17% increase in Median Sales price this month over the low 5/11 of $72,500!
Inventory continues its downward trend at a rate that can only signal additional upward price pressure in coming months. At this time in 2007 there were 4542 homes on the market for sale. November of 2011 – 2166. That is less than half! Also at this time 397 of the listings shown as “Active” already have short sale contracts on them. So in reality there are only 1769 homes that are truly “Active” for sale at this moment. You have to go back to 2000 & 2005 to find an inventory lower at the end of November. Here is a picture:
A16 – Ada County Residential INVENTORY
What this also signals is a rebirth of new construction coming in 2012. Smart builders will be careful however to position specs at the right price points. The lower ones are already flooded. Believe it or not there is a niche open between 300 and 500 thousand for new construction right now! Here are two charts that back that up.
AC24 - NOVEMBER 2011 YTD SELLING ODDS New Construction
A45 – Ada County Year to Date SALES & INVENTORY ANALYSIS New Construction –
If you would like more information please call: Jere Webb, Realtor. Coldwell Banker Tomlinson Group. 208.861.2222
