Ada County Real Estate Market
In normal years past we’ve usually seen the highest monthly sales during the month of June or July. It appears that our market has settled down to a normal flow, even if the total sales figure is smaller than we’d like. Single Family home sales in Ada County for the month of July were 489. That is from early numbers, and they might find a few more reported in the next week or so. That is slightly below June, which looks like a normal sales pattern. I mentioned last month that the percent below a year ago was better at 25%, and that has held in July at a 26% decline.
Another encouraging number is a slight decrease in single family homes inventory, to 4634. This leaves out townhomes, condos, and homes with acreage. Pessimists may point out that small decrease is not significant, but I see this as the first month all year we haven’t had more homes for sale than we started with. The pending contracts number is steady at 661, which is 12 fewer than the beginning of July, and about 10% fewer than last year at this time.
Last year we had more than 7 months worth of inventory this month. Today we have at least 10 months. That rise happened early in the year, and the majority of those homes are existing homes for resale, not new construction.
Sellers are finding it hard to adjust to current market prices. Those prices aren’t set by Realtors, or appraisers, or tax assessors, they are set by people who actually paid money for homes in this market. There is still a gap between what buyers want to pay and what sellers want to receive. And as has been the case all year in our market, the best conditioned homes with the best prices have been selling, while the rest just sit.
[…] We Hit Bottom?“. The article was looking at something I mentioned a few days ago, the inventory number going down. Here is what the Statesman said this morning For the first time in 28 months, the […]