ADA County Real Estate News

9 09 2014
AUGUST 2014 Inside Scoop – Ada County
If you like to keep score 4 vs.15 :o(
(I am only counting an item as “Positive” if the first part is in bold)
Positive News in in Bold
 
 
 
3.  Distressed sales were unchanged this month.  Short Sales were 3% of the total sales this month.  Record high 01/12 23%.  REO sales were 3%.  Record High 12/10 at 40%. That makes 6% of the sales “distressed” this month.  Record high was 12/10 at 61%.  Chart A42
 
4.  Short Sales closing success % up – 18% this month.  12/10 high of 22%.  Low 1/14 at 9%.  A53.
 
6.  Year to date sales units down – 3% fewer units than a year ago Chart A4.  It had to happen with the lower levels of pendings month after month.  The year to date dollar volume is 3% higher this year.  That spread is tightening indicating a slow down from the big price increases of 2012 and 2013.  Chart A6.  
7.  Median Price up for a home sold this month  – $218,745.  This is 3% up from last month; and a 8% increase from this same month last year!   Chart A10
 
9.  Resale Median up this month – $204,600.  This is up 5% from last month; and a 8% increase from this same month last year.  Record low 01/11 at $126,500.  Chart A12.
 
10.  Resale Affordability down from last month- now 16%.  Jan. 2005 when I started tracking Affordability it took 19% of a median income to buy a median priced resale home at the then current Freddie Mac interest rate PITI.  06/06 was the high (most Unaffordable!) at 30%  Record for the most “affordable month” 01/12 at 10.9%.   Charts A39, A40, and A41.
12.  New Construction inventory up. – 818 from 782 last month.  Last year at this time there were 607 new homes for sale.  New Construction inventory has dropped for 59 of the last 95 months since reaching a high of 1890 September 2006.  Record low  0613 at 494 but it has surged up since then – Builders Beware!  I have only been tracking it since January of 2005; so 6/13 is at least a 9 year low for New Construction inventory in Ada County! Chart A19
 
 
16.  New Construction Two Month Rolling Average of Inventory Supply is up.  Selling odds, using a “2 month rolling average” for sales is 5.7 from 4.9 last month.  February 2009 set a record high of 17.3 months of inventory. Last year at this time it was 3.8.  September 2005 was the peak of the seller’s market at 1.3.  Charts A30
 
 
 
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