I feel like I’m repeating myself, but I’m not sure the message is getting through. Here are some numbers that I hope will convince you how seriously we are lacking inventory.
In ALL of Ada County, there are only 1400 active single family homes currently listed on the IMLS. That number goes up by 100 if you count condos and townhouses. On average, we see around 3,000 active homes on the market. At the height (in 2008) we had over 5,000 homes for sale.
There are currently 1,131 pending single family homes (under contract & scheduled to close). This number also increases by 100 when townhouses and condos are added to the equation. Of these, 747 are under $250,000, 346 are between 251,000 and $500,000 and 38 are over $500,000.
Do we have buyers for these homes? Yes we do! For these and more. The prices (especially of homes under $200,000) are rising quickly due to lack of inventory. Investors are back and paying cash. So, what’s the problem? Well, for me it is finding homes for three first-time home buyer clients. Although they are all well-qualified, they can’t compete with cash offers from investors. Homes in the $130,000 price range are becoming scarce, and when they do hit the market they receive multiple offers.
If you’ve been waiting to list your home, now is the time. We have half of our normal inventory and are in dire need of more. If you are thinking about a move up, you can probably get more for your current home than you think. Chances are it will sell quickly and you could make a first-time home buyer’s dream a reality.