Marc Lebowitz of the Ada County Association of Realtors brings his monthly round up of Ada County real estate sales and inventory statistics.
2011 October sales were 520 in Ada County, an increase of 12.7% over October 2010.
October sales YTD are 5,271; up 7.64% over 2010 YTD. In July of 2011, we exceeded YTD 2010 sales for the first time in 2011. In August we improved to +6.1%. In September our increase was 7.2%. Now we have increased again.
October sales decreased 9% from September 2011′s 568. Historically, October sales decrease from September.
Of our total sales in October… 45% were distressed….up 4% from September 2011. In January 2011, 57% of our sales were distressed.
For homes sold in October, the average number of “Days on Market” was 75. This is essentially unchanged from last month. Down from 90 days last year this time and down from 93 days in January 2011.
Pending sales at the end of October were 812; a decrease of 5% from the end of September. Looking back at pending sales from March 2011 to October 2011, we see an average near 900 at the end of each month. The percentage of pending sales in distress increased 2% from September, totaling 49% overall. We are now at six consecutive months below 50%.
At the end of September, we had 11% more sales pending than at the end of October 2010.
October median home price increased 3% from September. Overall median price was $152,500; up 1.7% from October 2010. This is the first month showing an increase over the same month/previous year.
New Homes median price for October 2011 was $247,900; an 18% increase from September 2011. Year-to-date new homes median is up 22% over 2010 to $215,000.
The number of houses available continues to decrease. At the end of October our total active inventory was 2,260 homes. This is down 5% from September and 29% less than last year at this time.
At the same time, the percentage of distressed active inventory decreased slightly from September to 34%. We have been hovering between 33% and 36% since May. We remain well below the 40% levels set last spring….when we were on the increase.
In Ada County we have 4 months of inventory on hand…historically this number defines a strong “seller’s market”. The price category in shortest supply is <$100,000 with 2.5 months available. This is closely followed by the $100,000 to $119,000 with 2.5 months and $200,000 to $249,000 with 5 months. Consumption of inventory is expanding to all price ranges. In the price ranges from $250,000 to $499,000 we have about 6 months of available inventory.
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