Single family home sales in April 2013 were 705 in Ada County, an increase of 7% compared to April 2012. Year-to-Date sales in 2013 are 2,109; up 3.8% over YTD 2012 sales of 2,033.
Dollar volume for April was up 26% to $155 Mil.
Days on Market averaged 55 in April. On average a home sold in nearly two week’s less time in April than in March. For the first four months we averaged 62 days-on-market.
New homes sold in April totaled 153, an increase of 34% compared to new homes sold in April of 2012. Sales of existing homes were up 1.5% in April; reversing the trend of the first three months in which existing sales lagged behind 2012.
Historically, April sales increase by 9% from March. April 2013 sales increased by 27% compared to March 2013. This is the strongest April over March sales increase since 2001. Note: The second strongest is a tie between 2012 and 2004 (25%). This could be a key indicator for the rest of this year.
Of our total sales in April… 21% were distressed (148 total sales)….up 4% from March 2013. In April 2012, 35% of our sales were distressed. In April 2013 44% of distressed properties were REOs (65 total sales ) and 56% were short sales (83 total sales).
This is thirteen months with short sales being the larger percentage of distressed properties sold. There were some reports in April about an increase in notice of defaults in Idaho. The only “good” news associated with that is that the number is so much smaller that it was a year ago that its not likely to have a significant effect on the overall market.
Pending sales at the end of April were 1,441; up 13% from March. In general pending sales in May are the highest of the year; and June the second highest. Pending sales at the end of April are the highest in four years! The percentage of pending sales in distress decreased 5% from March, totaling 14% overall. Perhaps the increase in distressed properties sold in April was a “blip” and will fall back below 20% in May.
Of Pending sales in distress, short sales outnumbered REO’s 1.4 to 1.
At the end of April, we had 21% more sales pending than at the end of April 2012.
April median home price was $187,000; up 18% from April 2012. Median home price is above $180,000 for four months running. We continue to outpace our national recovery; according to NAR’s most recent report; national median price is $184,300, up 12% from March 2012.
New Homes median price for April was $262,415; up 35% from March 2012. For Existing homes the increase is 19%. I know of at least one builder who recently increased base price because of soaring materials costs.
The number of houses available at the end of April increased 4.5% from March 2013 to 1,868. This is 7% less than last year at this time. Since January we have increased the number of single family homes for sale by 12%. 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 has increased only 1%. With Existing Home’s median price up 21% YTD it’s clear that more owners are getting their relationship with their mortgage “right side up” and electing to list their homes for sale.
At the same time, the percentage of distressed active listings decreased 4% to 17% overall. Last month we predicted that this indicator would be “under 20%...by the end of April”. It’s sure fun being right about good numbers…
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 82% is Short Sales (260 homes) and 18% is REO (57 homes).
Available inventory decreased at all prices below $200,000. Everything above $200,000 increased in April. The price range adding the most homes to the market…$200,000 - $250,000 with an increase of 40 homes. The number of New Homes increased by 30 in the $250,000 to $300,000 price range.
In Ada County we now have three months of inventory on hand.
The price category in shortest supply is <$159,999 where we have 1.5 months. All price points up to $400,000 have a <4 month’s supply.
Based on April sold data, our most desirable price point is $160,000 to $200,000 which was 23.1% of total sales. The next largest price point sold is $120,000 to $160,000 at 22.9% of all sales. Coming in a strong third are the three price points between $200,000 - $400,000 which were 12% each. The category most improved is $250,000 - $300,000 which was up 35% from March to April.
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