Tuesday, December 11, 2012

Ada County Recovery Continues!







































Sales in November 2012 were 562 in Ada County, an increase of 14% compared to November 2011.   Year-to-date sales are 6,468; 15% over the first eleven months of 2011.

Dollar volume for November was up 34% to $119Mil. For the year we are at $1.3Billion!

New homes sold in November increased 65% over new homes sold in November of 2011!!…and are up 67% YTD.

Historically, November sales decrease by 9% from October. November 2012 sales decreased by 11% from October 2012.

Of our total sales in November… 24% were distressed (151 total sales)….up 1% from October 2012. In November 2011, 48% of our sales were distressed.  In January 56% of distressed properties were REOs and 44% were short sales.  In November the ratio was 63% short sales (84 total sales) and 37% REOs (49 total sales).

In September 2012 our REO activity fell to 29% of distressed sales (lowest in several years).  October REO activity increased to 42% of distressed sales and then fell back to 37% in November. This ratio to short sales is what we were looking at last summer.  The difference is that overall distressed activity is lower than it was; resulting in fewer distressed transactions.

This is eight consecutive months with short sales being the larger percentage of distressed properties sold.

Pending sales at the end of November were 838; down 16% from October. In general pending sales in May are the highest of the year; and June the second highest.  The percentage of pending sales in distress increased 2% from October, totaling 29% overall. There has been very little fluctuation in this number since May 2012 when we first went below 30%. A year ago we were averaging close to 50% of pendings in distress; but have decreased steadily since January.  Of Pending sales in distress, short sales outnumbered REO’s 2.6 to 1.

At the end of November, we had 12% more sales pending than at the end of November 2011.

November median home price was $174,400; up 19% from November 2011. Median home price is up 28.5% since January of this year and above $170,000 for seven months running.  We continue to outpace our national recovery; according to NAR’s most recent report.

New Homes median price for November was $249,950; up 16% from November 2011.

The number of houses available at the end of November decreased 5% from October. At the end of November our total active inventory was 1,865 homes; the lowest since December 2001. This is 14% less than last year at this time.

At the same time, the percentage of distressed active listings increased 2% to 26%. This number has increased the last two consecutive months. 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.

With an inventory increasing and the percentage of distressed inventory holding steady; median home price will continue to strengthen.

Of our Distressed Inventory 88% is Short Sales (425 homes) and only 12% is REO (69 homes); nearly unchanged from last month.

Available inventory declined in all price points; except for a net gain of three houses in the <$120,000 price.

In Ada County we now have less than 3.1 months of inventory on hand.

The price category in shortest supply is < $159,999 where 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 November sold data, our most desirable price point is $120,000 to $160,000 which was 25% of total sales. The next largest price point sold is $160,000 to $200,000 at 14% of all sales.






 

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