July PTC Index Slightly Down for Ada Canyon Counties

I have been reprinting this index from Pioneer Title Company for the past few months. It seems to provide a concise overall snapshot of the health of our local market. There are lots of numbers out there and it can often be difficult to obtain a clear picture with so many different sources of data.

To give you some reference points, the highest index was February of 2008 with an index of 218, lowest January 2010 at 28.

The Index number is down slightly from June, not any thing major but slightly lower from June's 122. The PTC Index utilizes a proprietary algorithm that weighs nine key real estate variables. These variables, though widely available, have not been easily collected in a single location. The PTC Index changes that.

 

July 2011

Building Permits	142
New Home Sales	80
Existing Home Sales	757
Refinance	433
Average Sales Price	140365
Financial-Bond Market(10-yr Treasury)	3
Days on Market	81
Distressed(Short Sales and REO)	3467
Notices of Default	374
PTC Index	113

OVERVIEW

As the summer months wind down and with the first official day of autumn just over a month away, we are all taking advantage of the good weather and getting the kids ready for a new school year. July is typically one of the stronger months for real estate and we made gains over June in some areas. Building permits were the brightest spot, up 25%. Refinances also made gains of 11%, and the number of distressed properties and notices of default both fell by just over 4%. The average Treasure Valley sales price dipped, with average prices in Ada and Canyon Counties settling at $184,241 and $96,489 respectively, down 2.4% and 7.6% from the respective June prices of $188,761 and $104,472. New and existing home sales also dropped following June’s strong increases, in this case by roughly 12% each.

Courtesy of Pioneer Title Company