Single family home sales in September 2013 were 683 in Ada County, an increase of 20% compared to September 2012.
Year-to-date sales are 6,187; up 11% over 2012 YTD sales of 5,266. NAR data says that for every home sold, $60,000 is added to the local economy. Based on our sales volume, we have added $371 Million to our local economy so far this year.
Dollar volume for September was up 35% to $161 million and YTD we are just over $1.4 billion in sales.
Days on market averaged 46 in September, no change from August. Our year-to-date average is 51 days.
New homes sold in September totaled 129, the same number as sold in September 2012.
Historically, September sales decrease from August. This year is no different as September 2013 sales decreased 18% compared to August 2013.
Of the total sales in September, 9% were distressed; down 2% from last month. In September 2012, 21% of sales were distressed.
Pending sales at the end of September were 949; down 12% from August 2013.
Of Pending sales in distress (12%), short sales outnumbered REO’s 2 to 1.
At the end of September, we had 15% fewer sales pending than at the end of September 2012. This is the second consecutive month in which we’ve seen a decline in pendings relative to the previous year. This is a key number to monitor moving forward.
Unfortunately, it does appear that the government shutdown will have a chilling effect on sales.
September median home price was $194,500; up 11% from September 2012. According to
NAR’s most recent report; national median price is $212,000.
New Homes median price for September was $268,548; up 12% from September 2012. For Existing homes the increase is 14%.
The number of houses available for sale at the end of September increased 4% from August 2013 to 2,640. This is 22% more than last year at this time. Since January we have increased the number of single family homes for sale by 54%, allowing us to grow our YTD sales increase.
Of the total active listings, 10% are distressed, down 1% from the end of August 2013.
With inventory increasing and the percentage of distressed inventory decreasing, median home price will remain strong through the end of this year.
Of our Distressed Inventory, 73% is Short Sales (182) and 27% is REO (67).
Available inventory increased at all price points except in the +$450K range. The price range adding the most homes to the market is $120,000 to $160,000, with an increase of 34 homes.
In Ada County we now have 3.2 months of inventory on hand, up a little from the end of August.
The price category in shortest supply is <$120K where we have 1.9 months. All price points up to $500,000 have a 4 month’s supply.
We’ve left behind the Summer of ’13 and its highest sales and median prices of the year.
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