2011 November sales were 471 in Ada County, an increase of 7.3% over November 2010.
November sales YTD are 5,763; up 7.98% 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%. In October it grew to 7.6%.
November sales decreased 10% from October 2011′s 520. Historically, November sales decrease from October.
Of our total sales in November… 47% were distressed….up 2% from October 2011. In January 2011, 57% of our sales were distressed.
For homes sold in November, the average number of “Days on Market” was 78. 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 November were 748; a decrease of 7% from the end of October. Looking back at pending sales from March 2011 to November 2011, we see an average between 800 and 900 at the end of each month. The percentage of pending sales in distress decreased 1% from October, totaling 48% overall. We are now at seven consecutive months below 50%.
At the end of November, we had 11% more sales pending than at the end of November 2010.
November median home price decreased 2% from October. Overall median price was $149,500; down 3.5% from November 2010.
New Homes median price for November 2011 was $207,900; an 17% increase from October 2011. Year-to-date new homes median is up 20% over 2010 to $215,000.
The number of houses available continues to decrease. At the end of November our total active inventory was 2,190 homes. This is down 4% from October and 13% less than last year at this time. We stand a very real chance of having our total active inventory going below 2,000 by year end.
At the same time, the percentage of distressed active inventory increased 3% from October to 36%. 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 4.3 months of inventory on hand…historically this number defines a strong “seller’s market”. The price category in shortest supply is $100,000 to $119,000 with 2.5 months. This is closely followed by <$100,000 with 2.8 months available. In the range of $120,000 to $250,000 there is 4.5 months. $200,000 to $249,000 with 5 months. We continue to “benefit” from inventory levels much lower than national average.
Based on November sold data, our most desirable price point is $120,000 to $160,000 which made up 21% of total sales.
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