As I look at the February Ada County numbers I see a lot of positive:
- Healthiest market in terms of Equity Inventory and Equity Sales since September 2008 except for a brief burst in August & September of 2012.
- Best February sales month in terms of units closed in 6 years – have to go back to 2007 to find a higher February.
- Sales $ volume up 20% over a year ago, unit volume up 4% – can you say “higher prices!”
- Median resale equity pricing so far this year is 5% higher than the equity median pricing for 2012.
- Looking at the 2 month rolling average for supply this February tops out lower than recent years so another sign that the market is moving in the right direction – 4.1 months of supply vs. 4.6 last year. New construction is 6.1 vs. 7.9 last year. Resale is 3.5 vs. 4.0 last year.
One cautionary note that I see buried deep in the numbers is this: the “future business forecast number” is not as strong at this point as it has been in the past.
- 2010 – 145%
- 2011 – 133%
- 2012 – 143%
- 2013 – 125%
This is a calculation that predicts closing levels in the next 30-60 days based upon new business written, pending levels, etc.
For more information contact Jere Webb at 208.861.2222. Or by email at jw@jerewebb.com
Jere Webb Idaho Real Estate Blog 