Sales in December 2012 were 500 in Ada County, an increase of 2.8% compared to December 2011. Year-to-date sales are 6,974; 10% over 2011 totals.
Dollar volume for December was up 34% to $106Mil. For the year we are at $1.4Billion!
New homes sold in December increased 51% over new homes sold in December of 2011!!…and are up 65% YTD. However…sales of existing homes were down 6% in December and are up only 1.3% for the year. This becomes more worrisome as inventory continues to try to find a new low number.
Historically, December sales decrease by 2% from November. December 2012 sales decreased by 11% from November 2012.
Of our total sales in December… 24% were distressed (120 total sales)….unchanged from November 2012. In December 2011, 47% of our sales were distressed. In January 56% of distressed properties were REOs and 44% were short sales. In December the ratio was 76% short sales (91 total sales) and 24% REOs (29 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 and now ends the year at its lowest number in the last 5 years.
This is nine consecutive months with short sales being the larger percentage of distressed properties sold.
Pending sales at the end of December were 786; down 7% from November. In general pending sales in May are the highest of the year; and June the second highest. The percentage of pending sales in distress was unchanged from November, 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 1.6 to 1.
At the end of December, we had 13% more sales pending than at the end of December 2011.
December median home price was $177,971; up 21% from December 2011. Median home price is up 29% since January of this year and above $170,000 for eight months running. We continue to outpace our national recovery; according to
NAR’s most recent report.
New Homes median price for December was $236,470; up 5% from November 2011.
The number of houses available at the end of December decreased 7% from November. At the end of December our total active inventory was 1,750 homes; the lowest since February 2001 (when sales were 450 houses and median price was $131,000). This is 13% less than last year at this time.
At the same time, the percentage of distressed active listings decreased 2% to 24%. This reverses the trend of the last two months in which the percentage rose from 23% to 26%. 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 well into 2013.
Of our Distressed Inventory 88% is Short Sales (369 homes) and only 12% is REO (50 homes); unchanged from last month.
Available inventory declined in all price points; except for a net gain of eleven houses in the $160,000 to $200,000 price range and a gain of sixteen homes in the $250,000 to $300,000 price range.
In Ada County we now have less than 3.3 months of inventory on hand.
The price category in shortest supply is <$159,999 where we have 2.3 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 December sold data, our most desirable price point is $120,000 to $160,000 which was 28% of total sales. The next largest price point sold is $160,000 to $200,000 at 18% of all sales.
And with that, we say goodbye to our best year since 2007. It sure was fun to have such great increases; improvements in all key categories.
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