Single family home sales in Ada County rose to 371 units in February over January's 302 units. Median listing price was $206,990 while median sold price was $203,000. Here is a good place to take a closer look at "median price". In January, the median price was $217,500. Does that mean that home prices fell by $14,500? Not at all. It simply means that in January we saw more higher end homes sold than in February. Certainly, prices are not what they were two years ago. But we did NOT just lose 7% in one month. Remember that when you read the dramatic headline in the newspaper.
At the moment there are 4061 active single family listings. That is a 163 unit increase from January's inventory level of 3898. These figures do not include townhomes or condos, or single family with acreage. I expect the inventory to continue building into the spring, although there is no way of knowing now just how much more inventory might be out there waiting "for Spring and the good weather". Pending sales figures were very good at 591, increasing from 455 in mid-January. There has been some discussion whether the pending number is being affected by the number of short sales that are potentially out there and "taking forever" to close. A cursory look at a number of the pending listings doesn't seem to bear that out however, but it will be something to check later as the season progresses.
I have had an increase in buyer showings this month, as well as sellers getting ready to market their homes. Well priced homes are selling, and some are drawing multiple offers. I worked with buyers at the end of February to make an offer in a multiple offer situation. Our full price offer wasn't quite enough, as the home sold in less than 12 days ABOVE the asking price! And another buyer missed out on a home that went underr contract while we waited for a lender preapproval letter. Sellers, take a lesson. There ARE buyers out there. Price it right to begin with and you will be successful.
Many of the builders are working on inventory now, at good prices. I'm told that land and lumber prices have gone down enough to make for some attractive builds possible now. Permits are still not being pulled at a rate to make up for the inventory being sold. That sets up a situation where buyers looking for new construction have a great opportunity to choose from plenty of inventory at attractive prices. Once the inventory falls below the demand, and if new starts stay low, expect new home prices to firm up.
March FORBES will again report Boise in the top 5 cities for business, and Micron just announced it is planning a new plan here in the Treasure Valley! The future is bright and it continues to be true that well priced homes in top condition are selling in Ada County.
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