Ada County Market Report courtesy on Marc Lebowitz of the Ada County Association of Realtors.
Sales in June 2012 were 690 in Ada County, an increase of 8.6% compared to June 2011. Year-to-date sales are 3,333; 9.4% over the first six months of 2011.
Dollar volume for June was up 21%!
New homes sold in June increased 52% over new homes sold in June of 2011!!…and are up 65% YTD.
Historically, June sales outpace May by an average of 5% or less. June 2012 sales increased by 14% compared to May 2012.
Of our total sales in June… 26% were distressed….down 4% from May 2012. In June 2011, 47% of our sales were distressed. In January 56% of distressed properties were REOs and 44% were short sales. In June the ratio was 58% short sales and 42% REOs. This is three consecutive months with short sales being the larger percentage of distressed properties sold. Whether this is a short term effect or a real indication that we are clearing out the “shadow inventory” remains to be seen in coming months.
Pending sales at the end of June were 1,236; essentially unchanged from the end of May. In general pending sales in May are the highest of the year; and June the second highest. The percentage of pending sales in distress decreased 1% from May, totaling 27% overall. This is the lowest number we’ve seen in several years. We were averaging close to 50% of pendings in distress over that last five months; but have decreased steadily since January. Of Pending sales in distress, short sales outnumbered REO’s 3 to 1.
At the end of June, we had 29% more sales pending than at the end of June 2011.
June median home price was $174,000; up 13.4% from June 2011. Median home price is up 26% since January of this year and above $150,000 for five months running.
New Homes median price for June was $221,727; an decrease of 8.3% from June 2011.
The number of houses available increased ever so slightly for the third consecutive month. At the end of June our total active inventory was 2,054 homes. This is up <1% from May and 29% less than last year at this time.
At the same time, the percentage of distressed active inventory dipped 1% to 26%. This is the lowest number we’ve seen in several years. We have been hovering between 33% and 36% for the last year. We remain well below the 40% levels set last spring….when we were on the increase. Of our Distressed Inventory 92% is Short Sales and only 8% is REO; unchanged from last month.
The only price point with an increase in available properties is $160,000 to $200,000 which added 21 units in June.
In Ada County we now have less than 3.2 months of inventory on hand.
The price category in shortest supply is <$119,000 with 1.7 months. In the range of $120,000 to $159,999 we have 2.4 months. All price points up to $400,000 have less than 4 month’s supply. We have benefited for nearly two years from inventory levels much lower than national average.
Multiple offers are much more prevalent; now becoming the norm.
Based on June sold data, our most desirable price point is $120,000 to $200,000 which increased by 26% from May; The next largest price point sold is <$120,000 at 14% of all sales; up 17% from last month. The biggest increase was in sales between $200,000 and $250,000; which were up 300% from January 2012.
Comparing Sales to Inventory, for key price points… @<$120,000 we sold 57% of all that we had in June; for $120,000 to $160,000 we sold 41% of all that was available; for $160,0000 to $200,000 we sold 24% of the total available.
We all received our annual tax assessments in June. Mine finally went up after three years of declines. First time that I can recall that I was happy to be paying more taxes.
My crystal ball is clouded by all the smoke in the air today, but I just don’t see any looming threat to our continued recovery.
I’m still going to stick with my conservative forecast for the rest of the year; single digit sales increase and double digit median price increase.
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