by Marc Lebowitz, RCE, CAEACAR Executive Director Single family home sales in February 2013 were 465 in Ada County, an increase of 2.65% compared to February 2012. Year-to-Date sales in 2013 are 833; down slightly from 2012 YTD sales of 844.
Dollar volume for February was up 17.6% to $97 Mil.
Days on Market averaged 72 in February; down from 56 in January.
New homes sold in February increased 24% over new homes sold in February of 2012. However…sales of existing homes were down 2.2% in February; for the second month in a row. This becomes more worrisome as inventory continues to try to find a new low number.
Historically, February sales increase by 17% from January. February 2013 sales increased by 29% from January 2013.
Of our total sales in February… 23% were distressed (106 total sales)….down 2% from January 2013. In February 2012, 45% of our sales were distressed. February 2012 started a noticeable decline in distressed property sales. In February 2013 43% of distressed properties were REOs (45 total sales ) and 57% were short sales (60 total sales).
This is eleven consecutive months with short sales being the larger percentage of distressed properties sold.
Pending sales at the end of February were 1056; up 10% from January. 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 2% from January, totaling 23% overall.
In December 2012 29% of pending sales were Distressed.
Of Pending sales in distress, short sales outnumbered REO’s 1.7 to 1.
At the end of February, we had 8% more sales pending than at the end of January 2012.
February median home price was $180,000; up 14% from February 2012. Median home price is above $170,000 for 10 months running. We continue to outpace our national recovery; according to
NAR’s most recent report.
New Homes median price for February was $243,450; up 19.2% from February 2012. For the first time (in a long time) the YTD rate of median home price increase is essentially the same for existing and new home sales (+19%).
The number of houses available at the end of February increased 3% from January 2013 to 1,728; taking us back above the 1,700 line. This is 11% less than last year at this time. This is the first month over month increase in available inventory since July 2012. Could we be starting a new trend? I sure hope so.
At the same time, the percentage of distressed active listings decreased 3% to 22% overall. This reverses the trend of the last few 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 84% is Short Sales (319 homes) and only 12% is REO (60 homes).
Available inventory declined in all price points up to $250,000. From $250,000 to $400,000 there was an increase in the number of homes available of 17% (69 homes). We also added six homes to the $500,000 price range.
In Ada County we now have less than 4 months of inventory on hand.
The price category in shortest supply is <$159,999 where we have 2.9 months. All price points up to $400,000 have a 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 February sold data, our most desirable price point is $120,000 to $160,000 which was 26% of total sales. The next largest price point sold is <$120,000 at 18%; $160,000 to $200,000 at 16% of all sales. Coming in a strong third is sales in the range of $200,000 to $250,000 at 16% of all sales. The price point showing the most improvement; $300,00 to $400,000; up 35% from 39 to 53 homes sold.
February was a nice rebound from January’s spooky start. Sales are back to modest increases. Median price increase is a more sustainable amount and inventory is growing. Distressed activity shows improvement in all areas.
Stay tuned….
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