by Marc Lebowitz, RCE, CAE
Executive Director
Ada County Association of REALTORS
Single family home sales in October 2014 were 665 in Ada County, an increase of 6% compared to October 2013. This is the first month for which we've had a year-over-year increase since March 2014! YTD total sales are down 3% compared to this time last year (an improvement from the 5% we were down YTD through September); 6,616 homes sold compared to 6,829.
In October, sales of homes priced above $160,000 showed increases in nearly every price category. A bright spot in October is the surge in sales for homes priced between $160,000 and $200,000; up 2%. This price point had been flat for several months.
Average Days on Market in October were 59; five more days than last month. In October 2013, Days on Market was 51.
New homes sold in October totaled 134; down 3% from last year; up 6% from September.
Existing home sales were 531; up 9% from October 2013.
Historically October sales decrease from September levels by an average of 3%. This year there was an increase of 2%.
Pending sales at the end of October were 885; down just 3% from October 2013. This is the smallest “decrease” in Pending sales all year (April was down 18%). This bodes well for the 4thquarter sales “rebound” we are forecasting.
October median home price was $208,698; down 1% from October 2013. Our YTD median price is $209,900; up 7% over last year.
New Homes median price for September was $302,257; up 10% from October 2013. For Existing homes the increase is 1% to $190,500.
The number of houses available for sale at the end of October decreased 10% from September 2014 to 2,591. This is 3% more than last year at this time.
As is typical this time of year, inventory contracted in all price categories for October.
A positive trend in new homes inventory: for homes priced between $160,000 and $200,000 there has been a steady increase since June.
In Ada County we now have 3.9 months of inventory on hand, essentially unchanged from the end of July.
The price categories in shortest supply are $100,000 to $119,000 which has 1.4 months; and $120,000 – $159,000 which has 2.1 months.
From $200,000 to $400,000 we have 4 months available.
Of sales in October, the two price points that held on to their summer pace were $120,000 – $160,000 and $250,000 to $300,000..
The fourth quarter “rebound” that we’ve been anticipating arrived in October. The very modest “cooling” of median price is a reasonable tradeoff for the increase in sales.
There was also a dip in interest rates in October.
The Federal Reserve announced an end to “quantitative easing” that will most like cause rates to rise going into 2015.
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