by Marc Lebowitz, RCE, CAE
Executive Director, Ada County association of REALTORS
Single family home sales in July 2013 were 883 in Ada County, an increase of 39% compared to July 2012. Three months in a row above 800!?! We sure haven’t seen that in a while. Actually you have to go back to July-August-September 2006!
Year-to-Date sales in 2013 are 4,662; up 17% over YTD 2012 sales of 3,979. Remember that old formula that for every two homes sold, that one job is created? Based on that, we’re looking at 2,300 new jobs so far this year.
Dollar volume for July was up 62% to $211 Mil. For 2013 YTD we are just over $1billion in sales.
Days on Market averaged 44 in July; one day less than last month. For the first six months we averaged 53 days-on-market.
New homes sold in July totaled 165, an increase of 27% compared to new homes sold in July of 2012. Sales of existing homes were up 42% in July. Check out the Bloomberg report on how
“Repeat Buyers Drive Home Sales”. According to the story, resales account for 54% of national home sales. In Ada County the percentage is much higher; close to 79% of sales thus far are resales.
Historically, July sales decrease by 7% from June. July 2013 sales increased by 9% compared to June 2013. This more than erases the dip in June compared to May.
Of our total sales in July… 11% were distressed; down 1% from July 2013. In June 2012, 24% of our sales were distressed. In July 2013 45% of distressed properties were REOs (43 total sales) and 55% were short sales (54 total sales).
In July 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 July were 1,232; down 9% from June .
Of Pending sales in distress (12% of total pendings), short sales outnumbered REO’s nearly 2 to 1.
At the end of July, we had 5% more sales pending than at the end of July 2012.
July median home price was $207,000; up 20% from July 2012. Two months over $200,000? First time since 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 July was $266,490; up 26% from July 2012. For Existing homes the increase is 21%.
The number of houses available for sale at the end of July increased 5% from June 2013 to 2,369. This is 9% more than last year at this time. Since January we have increased the number of single family homes for sale by 42%. This is what is allowing us to grow our YTD sales increase.
July’s increase in active listings was driven by the addition of a mix of new (+16%) and existing homes (+11%) to the market.
Of the total active listings, 12% are distressed, down 2% from June.
With an inventory increasing and the percentage of distressed inventory decreasing; median home price will continue to strengthen well into the third quarter.
Of our Distressed Inventory 73% is Short Sales (207 homes) and 27% is REO (76 homes).
Available inventory increased at all price points except $1Mil+; which decreased by 1 home. The price range adding the most homes to the market…$200,000 to $250,000 with an increase of 81 homes.
In Ada County we now have 2.8 months of inventory on hand; an increase of 7%.
The price category in shortest supply is <$120,00 where we have 1.9 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 $120,000 to $160,000 which was 23% of total sales. The next largest price point sold is $160,000 to $200,000 at 20% of all sales. Coming in a strong third is $200,000 to $250,000 which was 15%. The category most improved is $400,000 to $500,000 which was up 55% from June to July (45 sales in July compared to29 in June).
The pace of this recovery is increasing, not leveling off as many forecast it would. Much of that thinking was driven by scarce inventory. Now that inventory is growing again, there’s nothing on the horizon that predicts any slowing at all for the balance of 2013.
No comments:
Post a Comment