Ada County October Home Sales
In September we saw an increase in closed sales over the year before. It was a situation that the local and national papers heralded as very good news for the troubled housing market. I even heard one local radio real estate show suggest we’d see a strong rebound in October, November, and December. I warned that the number could also be due to the big mortgage stumble in August of 2007. So, how did we come out in October? Did we pass the bottom, or was it just a hiccup?
Ada County home sales for October come in at 395 this morning (Nov 4). Last year in October there were 463 sales. That is a 15% drop, and puts us back on the track of declining sales we’ve been on all year long. The economy is on many minds, and mortgage rates are rising a bit. Anecdotally, many agents have reported fewer showings and less urgency in their buyer clients. It is a difficult time if you are a seller who has to move, or you’re trying to sell a home in a hurry. Plan on being super clean and priced very competitively.
One bright spot in the market is the continuing decline in inventory. Currently there are 4193 Single Family homes on the market in Ada County. Last year at this time there were nearly 4500 active listings. Pending sales are almost identical this year to the number we saw last year, with 482 contracts waiting to close right now. So with inventory declining, pendings remaining firm, and the rate of decline easing up from the beginning of the year is it time to join radio-guy and call the bottom? No. But it isn’t the end of the world either. In fact, prices in the Treasure Valley are more affordable than they have been in a couple of years. If you are a buyer, be happy, and go shopping.
