The Ada county real estate market continued to slow in November, as it usually does (except last year). A quick check of the numbers shows that at the end of the month there were a total of 4309 active Single Family and Single Family with Acreage listings in Ada county. More than 100 of those dropped off the first day of December, for a total of 4202, but we'll need to wait a few days before we know how many are going to relist and how many are "going to wait until Spring". The inventory number is going the right way, and now down two months in a row from the peak of 4672 in September (nearly 10% decline). Currently, I'm finding 631 Solds, but that will likely rise a bit as the reported numbers settle down in the next week. That is just under the October number, which is also expected. It is substantially lower than last November's 1100+, which was a most unusual spike, and perhaps the spike in our market that signaled the top. Sales in November for 2002 and 2003 were around 550 or so, and in 2004, the beginning of the boom, around 750. After reading how the local paper handled the October numbers, I'm sure these November numbers will have some poor reporter out declaring our housing market is dead. It is not.
With the inventory still high, and prices being adjusted to find the new selling levels, and with builders still holding a lot of unsold inventory and willing to deal, it seems like a favorable time for people to be buying a home. I know agents who are quietly looking for bargains now, and have heard of a couple who are calling the bottom now in, at least here in the Treasure Valley. My advice? If you are a buyer, call me, I'm ready to write it up for you! If you are a seller, don't take your home off the market "waiting till it gets better" . There are buyers out there now, but they aren't in a hurry... yet. Mortgage rates are good. We're still getting calls from out of state people who are looking to join us here. Our two light volume months are now here, but they won't last long. Are you ready?
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