by Marc Lebowitz, RCE, CAE
Executive Director, Ada county Association of Realtors
Single family home sales in June 2013 were 808 in Ada County, an increase of 16% compared to June 2012. Two months in a row above 800!?! We sure haven’t seen that in a while.
Year-to-Date sales in 2013 are 3,760; up 12% over YTD 2012 sales of 3,344.
Dollar volume for June was up 36% to $196 Mil.
Days on Market averaged 45 in June; one day less than last month. For the first six months we averaged 55 days-on-market.
New homes sold in June totaled 167, an increase of 33% compared to new homes sold in June of 2012. Sales of existing homes were up 13% in June.
Historically, June sales increase by 8% over May. June 2013 sales decreased by 1% compared to May 2013. Remembering that May sales blew up; its better to look at YTD trends than to compare these two months.
Of our total sales in June… 12% were distressed no change from May 2013. In June 2012, 26% of our sales were distressed. In June 2013 45% of distressed properties were REOs (43 total sales ) and 55% were short sales (53 total sales).
In June 2012 we were experiencing significant improvement in the health or our “solds”; 29% of total compared to 53% in 2011. We have now seen that distressed component reduced by almost half again.
Pending sales at the end of June were 1,368; down 4% from May.
Of Pending sales in distress (12% of total pendings), short sales outnumbered REO’s nearly 2 to 1.
At the end of June, we had 11% more sales pending than at the end of June 2012.
June median home price was $212,000; up 21% from June 2012. Median home price is above $210,000 since January 2008! We continue to outpace our national recovery; according to
NAR’s most recent report; national median price is $208,000.
New Homes median price for June was $266,518; up 20% from June 2012. For Existing homes the increase is 26%.
The number of houses available for sale at the end of June increased 11% from May 2013 to 2,113. That represents several “Firsts”: 1
st time over 2,000 in a year; 1
st time increase year-over-year since 2007; 1
st double digit increase in availability.
This is 2% more than last year at this time. Since January we have increased the number of single family homes for sale by 26%. This is what is allowing us to sustain our YTD sales increase.
The overall increase in active listings continues to be driven by the addition of existing homes to the market; increasing 18%. The number of New Homes available decreased 1% from May. With Existing Home’s median price up 22% YTD it’s clear that more owners are getting their relationship with their mortgage “right side up” and deciding that now is a great time to sell.
At the same time, the percentage of distressed active listings held steady at 14% overall.
With an inventory increasing and the percentage of distressed inventory decreasing; median home price will continue to strengthen well into 2013.
Of our Distressed Inventory 80% is Short Sales (236 homes) and 20% is REO (59 homes).
Available inventory increased at all price points except $250,000 to $300,000; which decreased by 5 homes. The price range adding the most homes to the market…$120,000 to $160,000 with an increase of 64 homes.
In Ada County we now have 2.6 months of inventory on hand.
The price category in shortest supply is <$120,00 where we have 1.8 months. All price points up to $500,000 have a <4 month’s supply.
Based on June sold data, our most desirable price point is $160,000 to $200,000 which was 20% of total sales. The next largest price point sold is $120,000 to $160,000 at 19% of all sales. Coming in a strong third is $200,000 to $250,000 which was 18%. The category most improved is $200,000 to $250,000 which was up 32% from May to June.
The pace of this recovery is beyond what most of us thought coming into the beginning of the year. “Last year was so strong. We would be competing with a strong 2012. Declining inventory would hold sales increases well below 10%.” Well…that sure was wrog.
Ask any broker how long this market is going to last. Mostly you’ll here that: “it won’t be too long; but we could we just enjoy it while it’s here.” I agree.
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