The Pulse Quickens! The residential market came alive in 2012. Nine percent more properties sold in Ada County in 2012 than in 2011 and they were sold for a 14% higher average price. The table below shows that while the average price for distressed and non-distressed properties each increased by 5%, the mixchanged: 50% of all properties sold in Ada County in 2011 were distressed compared to 30% in 2012. Since the average price of distressed properties was lower than the average price of non-distressed properties, the change in the mix caused the average price over all properties to increase by 14%.
|Distressed Property Sales|
The supply of housing also decreased. Every price range under $600,000 in Ada County has less than a 6-month supply of inventory (a 6-month supply is generally regarded as a “balanced” market). The overall market is down to a 2.8-month supply, creating interesting opportunities. If you’re a buyer and you find something you like, decide quickly! If you have been thinking of selling your property, you may be surprised about what the market will bring. Give me a call.
Be sure to look for the Group One 2012 Annual Report in the Idaho Statesman