Home Sales For April
The most frequently asked question right now is “Are any houses selling?” Some folks seem surprised when I tell them, yes, homes are selling in the Treasure Valley right now. Definitely not on the same pace as two summers ago, but better than we saw over the winter. In fact, the 460 homes that sold in Ada County in April is the best showing we’ve had since August last year, when the mortgage lending problem happened. Year over year, April ‘08 was 34% below ‘07, but we’ve been 38 to 42% below in recent months. For the valley as a whole, 634 single family homes sold in April. Pending home sales are holding steady at 700 in Ada county as I write this.
Currently there are 4460 active listings for single family homes in Ada County, 6558 for the Treasure Valley area represented by Ada and Canyon counties. That is a great deal of inventory, and that is the primary reason for the soft house prices. There is just too much out there for buyers to choose from, and successful sellers are having to be negotiable on price. Some areas are holding up better than others, of course, but there are no “hot” areas right now, so it remains a buyer’s market.
One of the other questions that comes up frequently concerns short sales and foreclosures. To listen to the National media, the real estate market is swamped by people losing their homes. That is not the case in our market, although we have seen an increase in short sales. That is definitely not a significant portion of our market right now though. Of the 6558 actives on MLS right now, only 69 show as short sales.
Meridian Home Sales For April
In Meridian, the situation is pretty similar to the county as a whole. 126 single family homes sold in Meridian last month, compared to 191 for the same month a year ago. That is also a 34% decline year over year. Not great, but not a disaster. There are 1343 active listings on the MLS right now, and I’m finding 227 pending contracts. Because the short sale numbers are comparatively low for the county as a whole, I checked to see if I could determine a pattern or area, but I don’t see that Meridian has any higher incidence of listed short sales than does the county as a whole. Meridian DOES have a slightly higher percentage of new homes in the active listings, but I think by this time we’re all familiar with that fact. After all, Meridian is a great place to live, and even in this slower time, there is plenty of new construction taking place.
Is this the right time for YOU to be considering buying a new home? If you, or someone you know is interested in buying or selling a home in the Meridian and Boise areas, please call me. I’d love to help you get started!
I don’t understand what a short sale is. Is that the same as a foreclosure sale?
Sherry, a short sale is not the same as a foreclosure sale. A short sale happens before the foreclosure process, and involves selling the property for less than the amount of the mortgage debt. I’ll write up a longer post about short sales. Thanks for your question!