December 2012 Market Statistics

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
Ada County
Distressed Non-Distressed Total
2011 $132,677 $210,318 $171,967
50% 50% 100%
2012 $138,694 $220,261 $195,841
30% 70% 100%
% change 5% 5% 14%

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

 

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